EIA Raises 2020 Oil Price Forecasts

The U.S. Energy Information Administration (EIA) has raised its 2020 average spot price forecasts for both Brent and West Texas Intermediate (WTI) oil.

According to its latest short-term energy outlook (STEO), which was released on Tuesday, the EIA now sees Brent spot prices averaging $41.42 per barrel and WTI spot prices averaging $38.50 per barrel in 2020. In its previous STEO, the EIA forecasted that Brent spot prices would average $40.50 per barrel and WTI spot prices would average $37.55 per barrel this year.

Looking further ahead, the EIA now predicts that Brent spot prices will average $49.53 per barrel in 2021, which is a slight reduction on its previous 2021 projection of $49.70 per barrel. WTI spot prices are expected to average $45.53 per barrel next year, which also marks a slight decrease on the EIA’s previous prediction of $45.70 per barrel.

In its latest STEO, the EIA said it expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months. The organization added, however, that as inventories decline into 2021, upward price pressures will increase.

The EIA estimates that global liquid fuels inventories rose at a rate of 6.4 million barrels per day (MMbpd) in the first half of this year and expects they will decline at a rate of 4.2MMbpd in the second half of 2020, then by 0.8MMbpd in 2021.

The organization noted that its latest STEO “remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve”.

As of August 11, there have been 19.9 million confirmed cases of Covid-19, with 732,499 deaths, according to the World Health Organization (WHO). The U.S. has seen 4.9 million confirmed cases and 161,547 deaths, as of August 11, WHO data shows.

The EIA is the statistical and analytical agency within the U.S. Department of Energy. It collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets and public understanding of energy and its interaction with the economy and the environment, its website states.

RIGZONE

7 Comments on "EIA Raises 2020 Oil Price Forecasts"

IFuckPoliticiansInTheAss on Wed, 12th Aug 2020 11:57 am

StarvingLion » Wed 12 Aug 2020, 12:40:14
Oil is up, yet Exxon Mobil and EOG Resources are both collapsing…HAHAHAHAHA.

Boeing FAILING down 3% today.

The Central Planning “Markets” are one GIGANTIC PILE-O=FRAUD.

The Junk Currency continues to FAIl.

Wait till when the ‘Little People’ have to pay for ALL THE FRAUD.

According to MarketWatch dot com even Soros has a enough of the stock market FRAUD. MarketWatch also wrote that inflation is back. The whole world has become one big clown show. KamelToe Harris running mate with Bidden. We are really at the end of modern civilisation.

IFuckPoliticiansInTheAss on Wed, 12th Aug 2020 12:23 pm

StarvingLion:

I don’t think they’ll allow this FRAUD SHOW to ever collapse without Nukes going off first.

I don’t know about the nuke, but I agree they will keep this FRAUD SHOW going as long as they can. It also obvious that they have no real plan once oil is depleted. Their plan is to slow oil consumption by forcing people to stay home.

It is also obvious that 90% of people on this earth have a low IQ. You cannot maintain a complex civilization with such stupid people.

It is also obvious that the majority of people don’t understand energy (Joule) and how this complex civilization works, water treatment, trade, manufacturing, supply chain …

I am starting to find the end of modern civilization more and more funny. I just don’t care anymore

IFuckPoliticiansInTheAss on Wed, 12th Aug 2020 12:28 pm

MarketWatch dot com

Phillips 66 to stop making fuels from crude oil at San Francisco refinery, will shift production to renewable fuels

Phillips 66 PSX, 0.22% said Wednesday that it will stop producing fuels from crude oil at its San Francisco Refinery in Rodeo, Calif., and that it will reconfigure the refinery to produce renewable fuels. It will start making fuels from used cooking oil, fats, greases and soybean oils. The company said it expects to produce 680 million gallons a year of renewable diesel, renewable gasoline and sustainable jet fuel. Including production from an existing project, the plant will produce more than 800 million gallons a year of renewable fuels, which would make it the world’s largest renewable fuels plant. Separate, Phillips 66 said it plans to shut down its Rodeo Carbon Plant and its Santa Maria refining facility in Arroyo Grande, Calif. in 2023. The company will take associated crude oil pipelines out of service in phases, starting in 2023. The stock, which ticked up 0.1% in afternoon trading, has shed 42.4% year to date, while the SPDR Energy Select Sector ETF XLE, 0.13% has lost 36.3% and the S&P 500 SPX, 1.14% has gained 4.4%.

Peak oil is here alright

IAmOldAlready on Thu, 13th Aug 2020 11:55 am

StarvingLion said:

HollyFrontier
Petroleum refining company

The HollyFrontier Corporation is a Fortune 500 company based in Dallas, TX. HollyFrontier is a petroleum refiner and distributor of petroleum products, from gasoline to petroleum-based lubricants and waxes.

I believe that by monitoring petroleum refiners you might be able to point out when gasoline and diesel shortage will start.

Have a nice day sir.

IAmOldAlready on Thu, 13th Aug 2020 12:19 pm

StarvingLion said:

Look at coffeeguyz recent pathetic posts. PURE HOPIUM.

It is getting more and more difficult to have compassion for people, I still think that 90% of people deserve what will happen. I have been told by one of my uncle to never speak about peak oil because it is too depressing.

H.L. Mencken really gets human nature right.

https://www.youtube.com/watch?v=mj3B3721UaI

Jump to 2:52 or you can look at the whole thing

zero juan on Thu, 13th Aug 2020 12:38 pm