WTI integrated Fed and EIA stocked over US $ 71.00 recovery in mixed sentiment
WTI flattened its biggest daily rise of the week at the beginning of Thursday, dropping 0.07% to $ 71.30 that day. The recent fall in black gold may be related to cautious market sentiment and various concerns prior to major central bank meetings and PMI announcements. However, the previous day’s rebound is related to the Energy Information Administration’s (EIA) limited weekly inventory data and the Federal Reserve’s (FRB) bullish reaction to faster throttles and higher dot plots. There is a possibility.
The deteriorating viral condition in Europe and the United Kingdom has joined the extension of the US-China Cold War to squeeze recent oil prices. It is worth noting that US pressure on Uighurville and the rush to manage Beijing’s data companies are the latest catalysts for the US-China struggle.
The cautious mood for the European Central Bank (ECB) and Bank of England (BOE) meetings and the provisional PMI in December also weigh heavily on oil prices.
We are looking for a clear direction as US 10-year Treasury yields fluctuate after a two-day uptrend as US equity futures boom. On Wednesday,
The results of weekly EIA crude oil inventory fluctuations fell from 20.82 million to 45.84 million, more than double the forecast for the reporting period to 10 December and the signs of a rate hike in 2022. A statement by federal chief Jerome Powell, such as “Omicron’s variant poses a risk to the outlook,” and a view to abandoning rate hikes until the taper ends. Looking to the future, WTI traders need to be aware of short-term directional risk catalysts.
Oil Price Forecast 2025-2050
The EIA predicts that the nominal price of Brent crude will rise to $ 66 / b by 2025. By 2030, global demand will push Brent prices up to US $ 89 / b. The price is expected to be $ 132 / b by 2040. By that time, cheap wells will be exhausted and oil production will be more expensive. Oil prices can reach US $ 185 / b by 2050.7. 4,444 WTI per barrel will rise to $ 64 per barrel by 2025, $ 86 per barrel by 2030, $ 128 by 2040, and $ 178 by 2050. The EIA expects oil demand to level off as utilities become more dependent on natural gas and renewable. The economy is also expected to grow by about 2% annually, and energy consumption will decrease by 0.4% annually.