The US Energy Information Administration on Tuesday again lowered its 2014 price estimates for both WTI and Brent, due to weakening global demand and near-record US production. In its September Short-Term Energy Outlook, EIA decreased its 2014 forecasts for WTI to $98.28/b and Brent to $106/b, which is $2.17 and $2.11, respectively, below last month’s estimate. EIA forecasts WTI at $94.67/b and Brent at $103/b in 2015, $1.41 and $2, respectively, lower than last month’s 2015 forecast. The WTI discount to Brent, which averaged $11/b in 2013, is expected to average $8/b in both 2014 and 2015. EIA last month had projected the same discount for 2014, but said it would be $9/b in 2015. Price projections continue to fall as total US crude oil production averaged 8.6 million b/d in August, the highest monthly production since July 1986, global demand weakens and increased Libyan oil exports put downward […]