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WTI Crude oil futures gained for a third session but upside was limited following EIA's latest Short-Term Energy Outlook (STEO) that offered a subdued outlook for the commodity. EIA noted that global liquid fuels production is set to surge, increasing by 2.3 million barrels per day (mb/d) in 2025 and another 1.1 mb/d in 2026. Non-OPEC+ producers such as the United States, Brazil, Canada, and Guyana will account for most of this growth, contributing 1.7 mb/d in 2025. It said that OPEC+ production will rise more moderately, by 0.6 mb/d in 2025, as the group aims to manage inventory builds and prevent further oil price drops. On the demand side, global liquid fuels consumption is expected to grow by 0.9 mb/d in 2025 and 1.3 mb/d in 2026, primarily driven by non-OECD countries. India and China will be key contributors, with each adding around 0.4'0.5 mb/d of additional consumption from 2024 through 2026. The STEO highlighted a clear imbalance: supply is accelerating faster than demand, likely putting additional pressure on oil prices in the coming years. WTI Crude oil is currently trading at $63.33 per barrel amid these cues, up around 1% on the day but still below $63.70 per barrel ' the intraday high in last session. Powered by Commodity Insights
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