U.S. Increases 2011 Crude Oil Price, Demand Estimates

"The Energy Department expects U.S. economic growth, fuel consumption."

The Energy Department increased its crude oil price forecast for 2011 on projections of greater U.S. economic growth and fuel consumption.

West Texas Intermediate oil, the U.S. benchmark, will average $85.17 a barrel next year, up from last month’s forecast of $83, according to the department's monthly Short-Term Energy Outlook, released today. Prices in 2010 will average $78.80, $0.83 higher than October's estimate of $77.97.

The department raised its outlook for global oil consumption next year to 87.77 million barrels a day from 87.44 million last month.

U.S. gross domestic product will grow 2.2% in 2011, up from projections of 2.1% a month ago, according to the report. The economy of the world's biggest-oil consuming country will climb 2.6% in 2010, which is unchanged from last month's estimate.

Demand for crude oil will climb 2.4% to 86.33 million this year, according to the report. The 2010 forecast was increased by 270,000 barrels from last month's projection.

U.S. oil consumption will average 19.16 million barrels a day next year, up 80,000 barrels from last month's forecast. This year's projection was bolstered by 70,000 barrels from the October report.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

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Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

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Source: Marc Davis, BNW News (11/03/2009)

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Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

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Source: Reuters (12/20/2008)

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Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

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