# Oil Markets in Supply-Demand Tug of War

> A CME Group analysis says WTI crude has traded in a $42 to $55 per barrel range since September 2016. It projects a near-term range of $48 to $62 and a long-term drift lower of $10 to $15 per barrel. The analysis cites US shale output above 9 million bpd as the main long-term downward force.

- Date: 2017-10-26 · published 2017-10-26T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/68620-oil-markets-in-supply-demand-tug-of-war
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected range-bound crude with a long-term downward bias suggests limited sustained pressure on diesel and freight costs for feed buyers, although OPEC cuts could push prices toward the top of the range.

## Read by commodity

- WTI: neutral

## Sources

- cmegroup.com: https://www.cmegroup.com/education/featured-reports/oil-markets-in-supply-demand-tug-of-war

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