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The US Energy Information Administration's June Short-Term Energy Outlook forecasts rising global petroleum production will limit crude price increases. It expects OPEC output to average 26.9 million barrels per day in 2021 and US crude output to reach 11.4 million barrels per day in the fourth quarter of 2021.
A government forecast of ending stock draws and faster supply growth points to softer crude prices in the second half. Lower energy costs support margins for feed manufacturers and livestock transport.
eia.govJun 15, 2021After 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.
