Callum Turcan
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Callum Turcan in Oil & Gas Investing,

EIA Lowers Oil Pricing Forecast

Source: EIA

Up above is the EIA's new pricing forecast for West Texas Intermediate [America's crude oil pricing benchmark], which has been scaled backed significantly due to various bearish market indicators. Those include America's oil rig count increasing in the past four weeks, US crude inventories remaining at record highs, OPEC production being ~1.7 million barrels per day above its supposed 30 million bo/d cap, Chinese demand woes over a weaker yuan and US dollar priced crude, unplanned refinery delays in the US [Indiana, California], and the summer driving season [particularly in America] getting ready to wind down.