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.

Powered by Commodity Insights