The estimate is about 11 bbl lower than the agency's outlook last month, according to the EIA's monthly Short- Term Energy Outlook report released Tuesday.

The US refiner acquisition cost of Crude Oil (RAC) for the same period is expected to average 100 bbl, also almost 11 bbl lower than last month's outlook.

WTI Crude Oil spot prices averaged more than 100 bbl over the 1st 4 months of Y 2012, and then fell from 106 bbl on 1 May 83 bbl on 1 June, reflecting market concerns about World economic and oil demand growth, according to the report.

The EIA expects Crude Oil prices to remain relatively flat in Y 2013.

The recent economic and financial news that points toward weaker economic outlooks could lead to lower economic growth forecasts and further downward revisions to the EIA's Crude Oil price forecasts, the report said.

The EIA expects total US Crude Oil production to average 6.3-M BPD in Y 2012, up 600,000 bbls from last year and the highest level since Y 1998.

Regular gasoline prices at the retail level for the April-September Summer driving season will likely average 3.60 gal, down from a forecast of 3.79 in the prior report.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.