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Commodity Mid Session News

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(09 Jul 2025, 13:35)

Market Speak: EIA trims 2025 forecast; sees Brent plunging to $58 by 2026

The EIA now expects US crude output to grow by only 160,000 barrels per day in 2025, reaching 13.37 million barrels per day — a cut of 50,000 barrels from June’s forecast. Drilling activity continues to slow, with rig counts near four-year lows. Producers are drawing down on pre-drilled wells, as drilled but uncompleted wells fell to 5,291 in June — the lowest since tracking began in 2013. The EIA also projects global inventory builds will weigh on prices, pushing Brent down to an average of $58 per barrel by 2026, far below today’s $70 level.
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