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The EIA's August Short-Term Energy Outlook raised its 2020 Brent forecast to $41/bbl and WTI to $39/bbl, reflecting larger expected stock draws in the second half of 2020. It projects Brent averaging $50/bbl in 2021 and WTI $46/bbl.
The EIA expects global inventories to draw down in the second half of 2020, which supports higher crude prices and therefore energy and biofuel input costs for feed markets.
ogj.comOGJ editorsAug 11, 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.
