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What the (STEO) Pros Forecast

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Short-Term Energy Outlook (STEO) Forecast highlights

• This edition of the Short-Term Energy Outlook is the first to include forecasts for 2021.

• EIA forecasts Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019.

• EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021, compared with an average WTI discount of about $7.35/b in 2019.

• Global liquid fuels inventories were mostly unchanged in 2019, and EIA expects they will grow by 0.3 million b/d in 2020 and then decline by 0.2 million b/d in 2021.

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Related: Oil Jumps On Significant Crude Inventory Draw Speaking of safe, there’s safety in numbers. Just two weeks after the EIA published its 2020 oil price predictions back in January, Reuters conducted a poll of 50 economists and analysts. But just because there were more of them doesn’t mean they were any more right. In fact, this forecast, which pegged the average price