Middle East Economic Survey

VOL. XLVIII

No 20

16-May-2005

EIA Trims 2Q05 WTI Price Forecast By $6/B On Rising Inventories

The Energy Information Administration (EIA) of the US Department of Energy has decreased its forecast average for WTI in 2Q05 by $6/B to $51/B, which is still $13/B higher than 2Q04, after prices fell from all-time highs in early April in response to building US inventories. In the latest monthly Short-Term Energy Outlook, published on 10 May, the EIA says: While crude oil...