# EIA revises up 2020 oil price forecasts on larger forecast stock draws | Oil & Gas Journal

> 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.

- Date: 2020-08-11 · published 2020-08-11T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +17.0% | +10.2% |
| BRENT | 2020-12-10 | [US Energy Agency Revises up Oil Price Forecast - World-Energy](https://feedsoft.ai/events/49832-us-energy-agency-revises-up-oil-price-forecast-world-energy.md) | +4.3% | +14.2% |
| BRENT | 2024-03-25 | [EIA sharply raises 2026-2027 diesel price forecast \| Latest Market News](https://feedsoft.ai/events/31383-eia-sharply-raises-2026-2027-diesel-price-forecast-latest-market-news.md) | +1.9% | +2.3% |
| BRENT | 2019-12-10 | [EIA: recent oil prices supported by better economic data, further OPEC cut \| Oil & Gas Journal](https://feedsoft.ai/events/55731-eia-recent-oil-prices-supported-by-better-economic-data-further-opec-cut-oil.md) | +2.1% | +1.6% |
| BRENT | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.6% | -0.6% |
| WTI | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +13.7% | +0.1% |
| WTI | 2020-12-10 | [US Energy Agency Revises up Oil Price Forecast - World-Energy](https://feedsoft.ai/events/49832-us-energy-agency-revises-up-oil-price-forecast-world-energy.md) | +5.2% | +14.7% |
| WTI | 2019-12-10 | [EIA: recent oil prices supported by better economic data, further OPEC cut \| Oil & Gas Journal](https://feedsoft.ai/events/55731-eia-recent-oil-prices-supported-by-better-economic-data-further-opec-cut-oil.md) | +2.1% | +6.3% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14181456/eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.