EIA oil projections for US crude and petroleum markets

EIA estimates for oil production and demand

  • crude oil output to fall 860,000 BPD to 11.39M BPD in 2020 (vs 800K last month)
  • Output to fall 290,000 to 11.10 M BPD in 2021 (vs fall of 360K last month)
  • US petroleum demand to fall 2.38 million BPD ti 18.16 million BPD in 2020 (vs. decline of 2.31 million BPD previously forecasted)
  • US petroleum demand to rise 1.69 million BPD to 19.85M BPD in 2021 (vs rise of 1.74M BPD previously forecasted)

WTI crude oil futures for December delivery is trading up $0.88 or 2.18% at $41.18. The January contract is up $0.86 or 2.14% $41.49