- Prices for WTI crude oil (USO -2.9%) are expected to average $52.15 per barrel this year, down from the previously-forecast $55.02. Though also lowering its 2016 outlook, the EIA continues to expect a strong bounce in prices next year - now $70 vs. $71 previously.
- Capex spending slowdown? U.S. crude oil production is expected to average 9.3M barrels per day this year, and rise to 9.5M in 2016. This country's highest-ever average production was 1970 at 9.6M barrels.
- WTI crude is lower by 1.7% on the session to $48.35 per barrel.
- EIA Short-Term Energy Outlook
- ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM