The U.S. Energy Information Administration said on Monday it is delaying publication of the “Short-Term Energy Outlook” (STEO) report, amid a plunge in oil prices to near four-year lows over growing concerns of a global recession.
The report, scheduled for Tuesday, April 8, will now be published on Thursday, April 10, at noon EDT (1600 GMT), the EIA said in an email. The EIA is re-running the models used for STEO forecasts to reflect the most recent developments in the market.
WHY IT’S IMPORTANT
The monthly STEO report details the EIA’s forecasts for U.S. and global oil supply and demand, with commentary from analysts on recent developments or anticipated changes factoring into its projections.
The EIA is the only government agency in the world to report such detailed statistics, so market participants closely track its publications to inform trading decisions.
CONTEXT
U.S. and global benchmark crude oil futures have tumbled more than 10% to near four-year lows since April 2, when U.S. President Donald Trump announced sweeping tariffs on imports from trading partners including China and the European Union.
The tariffs have heightened concerns of a global recession, with China responding with additional levies on U.S. imports and the European Union deliberating similar actions. Slower economic activity typically results in lower oil and fuel demand.
Oil prices also came under pressure from a surprise decision by the Organization of the Petroleum Exporting Countries, together with its allies, to accelerate a planned unwinding of years-long output cuts.
(Reporting by Shariq Khan in New York; Editing by Nia Williams)