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EIA lowers its crude oil price forecast in the June STEO

THIS WEEK IN PETROLEUM REPORT RELEASE – June 13, 2012

This Week In Petroleum

EIA lowers its crude oil price forecast in the June STEO

Yesterday, the U.S. Energy Information Administration (EIA) issued its June Short-Term Energy Outlook (STEO) , which included significant downward revisions to the crude oil and petroleum product price forecasts for the second half of 2012 (Figure 1). The changes come after a combination of concerns regarding economic growth and moderating supply-demand balance expectations contributed to a steep drop in global crude oil prices in May. As a result, EIA is now forecasting West Texas Intermediate (WTI) crude oil spot prices to average about $95 per barrel for the rest of 2012. Similarly, the average crude oil refiner acquisition cost (RAC) is now expected to be about $11 per barrel lower in the second half of 2012 compared with the May STEO. The lower forecast for crude oil prices has translated into a lower forecast for product prices. Regular gasoline is now expected to average $3.51 per gallon nationally in the third quarter, down from the $3.76 per gallon forecast in May.

 

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