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EIA cuts oil-price forecasts

Mar. 10, 2015 1:51 PM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, UGA, UHN, DTO, OLO-OLD, SCO, DNO, BNO, UWTI, DWTI, SZOXF, OILBy: Stephen Alpher, SA News Editor6 Comments
  • 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

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