Weatherman2020
Diamond Member
Global oil glut disappearing faster than expected.
“This implies that current crude oil price levels are near the point where the market balances, allowing U.S. and OPEC production to increase to meet higher demand in 2017 and 2018,” the EIA said.
Total world consumption for crude oil and liquid fuels is expected to average 98.09 million barrels per day this year, up from the previous forecast of 97.2 million barrels a day, the EIA said in its latest report.
The EIA also raised its price forecast for West Texas Intermediate crude CLH7, -0.71% to $53.46 a barrel this year, from the previous forecast of $52.50. For 2018, it upped its view by $1 to $56.18. It also lifted forecasts on Brent LCOJ7, -0.44% to $54.54 this year and $57.18 next year.
Notice that prices are expected to hover in the $50-$60 range rather than in the $100-$140 range. Hug a fracker and thank them.
“This implies that current crude oil price levels are near the point where the market balances, allowing U.S. and OPEC production to increase to meet higher demand in 2017 and 2018,” the EIA said.
Total world consumption for crude oil and liquid fuels is expected to average 98.09 million barrels per day this year, up from the previous forecast of 97.2 million barrels a day, the EIA said in its latest report.
The EIA also raised its price forecast for West Texas Intermediate crude CLH7, -0.71% to $53.46 a barrel this year, from the previous forecast of $52.50. For 2018, it upped its view by $1 to $56.18. It also lifted forecasts on Brent LCOJ7, -0.44% to $54.54 this year and $57.18 next year.
Notice that prices are expected to hover in the $50-$60 range rather than in the $100-$140 range. Hug a fracker and thank them.