Market Prices and Uncertainty Report This is a regular monthly supplement to the EIA Short-Term Energy Outlook . Contact: James Preciado ( James.Preciado@eia.gov ) Contributing authors: Rebecca George and Jeff Barron Full Report Crude Oil Prices: Crude oil prices broke below $45/b and out of of a two-month-long trading range in July. The front-month Brent crude oil price decreased $6.06 per barrel (b) since July 1, settling at $44.29/b on August 4 ( Figure 1 ). The West Texas Intermediate (WTI) crude oil price settled at $41.93/b, declining $7.06/b over the same time. Crude oil production outages, which removed more than 3.7 million barrels per day (b/d) of production in May, declined and brought global unplanned supply outages to 2.4 million b/d in July. The returning production contributed to initial estimates that global inventory built in July, a month where stocks typically show a seasonal decline. Continued increases in […]