The U.S. crude oil benchmark WTI will average $56 per barrel across the first quarter of this year, the Energy Information Administration has estimated in its Short-Term Energy Outlook (STEO) on Thursday. This is a $6 increase from the December 2020 average of $50 per barrel, mainly due to expectations that the global demand for petroleum liquids will be greater this year—especially in the first quarter.
This reality should lead to inventory draws, although yesterday’s estimated crude oil by the API did not deliver results consistent…EIA Sees WTI at $56 For Q1 2021
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