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The US Energy Information Administration raised its December forecasts for global crude prices in 2020 and 2021. Brent is now expected to average $48.53 in 2021 and WTI $45.78, while US crude output for 2020 was revised down to 11.3 million bpd.
A higher EIA price outlook signals firmer energy costs into 2021, supporting biofuel economics and input costs for feed producers. Lower US output tightens the domestic crude balance.
world-energy.orgDec 10, 2020After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
