August 2024 Oil Market Outlook
Published August 1, 2024
Price Forecasts
WTI Crude Oil
Brent Crude Oil
Natural Gas (Henry Hub)
Key Market Drivers
Technical Trend
+3.8% momentum
EIA STEO Outlook
$73 median (1m), $76 (3m)
Inventory Signal
Draws support price
Rig Count Signal
Declining, bullish
Market Context
Forecast Accuracy
MAPE = Mean Absolute Percentage Error. Lower is better. Direction accuracy shows how often we correctly predicted if price would go up or down.
Disclaimer
These forecasts are statistical projections based on historical price patterns and market indicators. They do not account for geopolitical events, supply disruptions, policy changes, or other unforeseen factors that significantly impact commodity prices. Past performance is not indicative of future results. This is not financial or trading advice. Use at your own risk.
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