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The EIA's January Short-Term Energy Outlook forecasts Brent averaging $53/b and WTI $52/b in 2017, rising to $56/b and $55/b in 2018. The agency cites strong demand and the OPEC agreement as upward pressures, offset by rising non-OPEC production.
The forecast implies modestly higher crude and energy costs through 2018, which feeds into diesel and natural gas costs for grain drying and feed milling. The forecast range is wide, so the price path remains uncertain.
eia.govU.S. Energy Information Administration (EIA) (.gov)Feb 1, 2017After 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.
After 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.
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.
