Arlington, Virginia – August 26, 2016 – EVA just released its Monthly Short-Term Crude oil and Petroleum Products Price Forecast report. A current issue in the market is the timeline for when supply and demand could eventually balance. EVA’s view is that the market will not be in balance until YE2017, which notably contrasts the view of the IEA. Overall short-term prices show significant softness. This is due to a combination of a lower expectation of demand growth and recent events that will increase short-term supply. These include: 1) a significant increase in the rig count in the Permian, 2) Libya’s success in re-opening three of its oil ports, and 3) the expectation that projects from Kazakhstan, the North Sea, Ghana and Iraq have and will come online in the coming 12 months.
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