Energy OverView January 9, 2013

Oil prices continue to hold on to recent gains, hovering just above $93 per barrel. This is despite bearish factors arraying against this valuation. In its short term oil outlook, the EIA significantly raised its outlook for US domestic oil production. From last month, it increased output growth expectations by 300k bpd. The EIA sees total US oil output at 12.65 million bpd in 2014.