The EIA trimmed its estimates for US crude oil output growth. That's a bullish signal given that price action should have brought on more supply.
- Consumption to rise 800k bpd in 2022 vs +870K bpd in last month's forecast
- Total US petroleum demand to rise 280k bpd vs +90k bpd in last month's forecast
I don't think markets move on these forecasts. WTI is trading at $101.01.
