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The EIA's June 2018 Short-Term Energy Outlook forecasts Brent averaging $71 per barrel in 2018 and $68 in 2019, with 2019 raised $2 from the May forecast. The agency expects prices to decline in coming months as global inventories rise in the second half of 2018 and 2019.
A forecast of falling crude prices and rising inventories in late 2018 and 2019 is mildly bearish for energy-linked feed input costs and biofuel feedstock demand.
eia.govU.S. Energy Information Administration (EIA) (.gov)Jul 1, 2018After 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.
