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The U.S. Energy Information Administration's January Short-Term Energy Outlook forecasts Brent at an average of $53 a barrel in both 2021 and 2022. The agency expects OPEC+ restraint to keep Brent in the mid-$50s during the first quarter.
It also expects U.S. crude output to fall again this year.
The EIA forecast anchors expectations for energy input costs through 2022, which affects diesel and freight budgets for feed purchasers. Stable crude also limits the upside for biofuel-linked demand for corn and soyoil.
petroleumnews.comKristen NelsonJan 17, 2021After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% 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.
