Forecasts - Today in Oil and Gas

US Oil Inventories Fall More Than Forecast, Crude at 2-1/2-Year Low, EIA Says

Conventional Energy, Energy Storage, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

(Reuters) – U.S. oil inventories fell across the board last week, the Energy Information Administration said on Wednesday, drawing down more than expected and with crude oil stockpiles hitting their lowest level in nearly 2-1/2 years. Crude stocks dropped by 4.5 million barrels to 413 million barrels in the week ended Sept. 20, the EIA …

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Eni CEO sees Brent oil price around $80 per barrel in Q4

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil / By mark

(Reuters) – The chief executive of Italian energy group Eni expects Brent oil prices to recover to around $80 per barrel in the coming months. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Claudio Descalzi said on the sidelines …

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OPEC Boosts Long-Term Oil Demand Outlook, Driven by Developing World Growth

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, OPEC / By mark

By Alex Lawler and Fabio Teixeira 2045 demand forecast up 3 mln bpd from last year’s outlook OPEC extends forecast to 2050, with demand at 120.1 mln bpd OPEC sees no peak demand, unlike BP and IEA forecasts OPEC calls for $17.4 tln investment in oil industry by 2050 LONDON/RIO DE JANEIRO, Sept 24 (Reuters) …

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US EIA Lifts Oil Demand Forecast, Says Prices Will Recover to Above $80/bbl

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

(Reuters) – Global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts, the U.S. Energy Information Administration (EIA) said on Tuesday. The widening supply deficit will increase withdrawals of oil from global stockpiles, pushing Brent crude prices back above $80 a barrel in …

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U.S. Oil Demand to Plateau in 2024, EIA Forecasts

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

Global consumption will grow by 1 million barrels a day EIA expects market in deficit due to OPEC+ output cuts US oil demand growth is forecast to plateau this year, in the latest bearish indicator for the market, according to the Energy Information Administration. The agency sees US consumption holding steady at 20.3 million barrels a …

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U.S. Oil Demand to Plateau in 2024, EIA Forecasts

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

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US Power Use Forecast to Reach Record Highs in 2024 and 2025, EIA Says

Electricity Grid, Energy Topics & Technology, Forecasts, Latest, US News / By mark

(Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected power demand will rise to 4,101 billion kilowatt-hours (kWh) in 2024 and 4,185 billion kWh in 2025. That compares with 4,000 billion kWh …

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BofA Lowers 2025 Brent Forecast by $5/bbl on Softer Demand

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

Sept 6 (Reuters) – Bank of America Global Research on Friday downgraded its 2025 Brent price forecast by $5 to $75 per barrel, citing weaker demand, particularly from China, and significant inventory builds. According to the bank’s analysts, subdued global oil demand growth of 1.1 million barrels per day (bpd) year-on-year in 2025, combined with …

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Brent likely to Hold $75/Bbl Floor Despite Macro Fears, Goldman Says

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil / By mark

Brent crude prices are likely to stay above $75 per barrel as the oil market will withstand macro recessionary fears and find support in the coming weeks, Goldman Sachs said on Monday. Limited recession risk, strong demand in the West and from India, and very low speculative positioning having room to recover will support oil …

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Oil Market Likely to be in Surplus Next Year, Morgan Stanley Says

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By mark

The crude oil market is currently tight but next year will likely be in surplus, with Brent prices declining into the mid-to-high $70s range, Morgan Stanley said.The tightness will hold for most of the third quarter, the bank said in a note dated on Friday, but equilibrium will return by the fourth quarter, “when seasonal …

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