Commodities Buzz: EIA says global crude oil inventories to continue to rise through 2026

The US Energy Information Administration or EIA has stated in a monthly update for November that it expects global oil inventories to continue to rise through 2026, putting downward pressure on oil prices in the coming months. EIA forecasts the Brent crude oil price will fall to an average of $54 per barrel (b) in the first quarter of 2026 (1Q26) and average $55/b for all of next year. Although it continues to expect crude oil prices to fall in the coming months, our Brent forecast for 2026 is $3/b higher than in last month?s outlook, largely as a result of updated assumptions about inventory builds in China and sanctions on Russia.

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