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EIA raises 2017-18 forecast for U.S. crude oil output

Mar. 07, 2017 12:44 PM ETUCO, USO, OIL-OLD, DBO, UNG, GAZ-OLD, USL, DTO, OLO-OLD, SCO, DNO, UNL, BNO, DCNG, BOIL, KOLD, UGAZF, DGAZF, SZOXF, OILBy: Carl Surran, SA News Editor10 Comments
  • The U.S. Energy Information Administration releases its latest short-term energy outlook, raising its forecast on U.S. crude oil production for 2017 and 2018.
  • The EIA forecasts U.S. crude production will average 9.2M bbl/day in 2017, up from the previous forecast of 8.9M bbl/day, and it sees 2018 production at 9.7M bbl/day, above the previous forecast of 9.5M.
  • EIA expects a relatively balanced global oil market in the next two years, with inventory builds averaging 100K bbl/day in 2017 and 200K bbl/day in 2018.
  • Global oil inventories fell at a rate of nearly 1M bbl/day in February, which would be the third largest monthly decline rate since the beginning of 2014.
  • ETFs: USO, UNG, OIL, UGAZ, UCO, DGAZ, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM

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