# Global oil markets expected to tighten in third quarter 2017, then loosen through 2018

> The EIA's June Short-Term Energy Outlook expects global oil markets to tighten in the third quarter of 2017 before loosening through 2018. OPEC's production target stays at 32.5 million b/d through the end of Q1 2018 after the May extension of cuts. EIA lowered its 2017 and 2018 OPEC output forecasts while raising the possibility of higher US supply in 2018.

- Date: 2017-07-01 · published 2017-07-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70655-global-oil-markets-expected-to-tighten-in-third-quarter-2017-then-loosen
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected inventory draws in mid-2017 support crude prices near term, but forecast US output growth in 2018 caps the upside. Energy price direction feeds into biofuel margins and freight costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-02-01 | [Crude oil prices expected to increase slightly through 2017 and 2018](https://feedsoft.ai/events/73137-crude-oil-prices-expected-to-increase-slightly-through-2017-and-2018.md) | -1.1% | +2.0% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.5% | -3.9% |
| WTI | 2019-11-18 | [IEA: Oil demand growth to accelerate in 2019 fourth quarter \| Oil & Gas Journal](https://feedsoft.ai/events/56232-iea-oil-demand-growth-to-accelerate-in-2019-fourth-quarter-oil-and-gas-journal.md) | +0.2% | +4.5% |
| BRENT | 2017-02-01 | [Crude oil prices expected to increase slightly through 2017 and 2018](https://feedsoft.ai/events/73137-crude-oil-prices-expected-to-increase-slightly-through-2017-and-2018.md) | -1.9% | -1.8% |
| BRENT | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.9% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=31652

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