The U.S. Energy Information Administration (EIA) forecast in its latest short term energy outlook (STEO) that U.S. crude oil production, including lease condensate, will average 13.98 million barrels per day in the fourth quarter of 2025.
The U.S. Energy Information Administration (EIA) raised its Brent oil price forecasts for 2024 and 2025 in its latest short term energy outlook (STEO), which was released this week
In the June STEO, the US EIA reduced its forecast for OPEC+ oil production for the rest of 2024.
Hedge funds have cut their bullish bets on crude oil to record lows.
Money managers have slashed their net long positions in both WTI and Brent crude oil by 59,094 lots to just 149,272 in the week ending December 12.
Crude oil prices have been on the decline over the last month, although spot prices for both benchmarks were trading up on Friday.