The latest forecast data from the US EIA
- Now sees 5.33 mbpd increase this year
- EIA raises 2022 forecast by 80K bpd and sees 3.72m bpd increase
Risk assets are bouncing today but there isn't much life in oil. WTI is down $1.79 to $71.58. In a bull market, you go up the escalator and retrace in the elevator.