Gate News message: On April 7, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, stating that it expects disruptions in Middle East supply to continue through the end of 2026. The report shows that Middle East oil production cuts caused by the closure of the Strait of Hormuz will increase to 9.1 million barrels per day in April; at that time, supply disruptions in Middle East crude oil will reach their maximum. It is expected that the spread between Brent crude oil and WTI crude oil prices will peak at $15 per barrel in April, and that the average U.S. retail gasoline price in 2026 will hit a new high since 2022. On the demand side, the EIA lowered its 2026 global oil demand forecast to 104.6 million barrels per day, down from the prior forecast of 105.2 million barrels per day; the 2027 demand forecast was lowered to 106.2 million barrels per day, from a prior forecast of 106.6 million barrels per day.
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