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The EIA lowered its crude oil price forecast for the rest of 2023 and 2024 in its May Short-Term Energy Outlook. Brent had fallen from about $89 to $73 a barrel between mid-April and early May.
A lower official price outlook signals softer energy costs ahead, which reduces expected diesel and fertilizer-linked input costs for feed production.
eia.govU.S. Energy Information Administration (EIA) (.gov)Jun 1, 2023After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
