What does “lowering a forecast” mean? Essentially it means “what I said before was trash, here is what I say now and this is true until I say its trash too and then I will give you something new to obsess about”. I stopped believing any of those forecasts a long time ago as they always adjust – which means that they tell us they only produce crap. It’s impossible to predict the direction of the wind, but you can become a great sail setter. That’s what I do with the people I work with. Making them better stewards of their companies for whatever might possibly hit them. Once you are good at that, does it really matter what direction the wind is going to blow at?
The U.S. Energy Information Administration (EIA) has lowered its Brent spot price forecast for 2019 in its latest short-term energy outlook.