EIA Cuts WTI Oil Price Forecasts
by Andreas Exarheas
click here to read the orignial article at Rigzone.com
*this article was not written by Roseland Oil & Gas
The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) oil price forecast for 2023 and 2024 in its November short term energy outlook (STEO), which was released recently.
According to the November STEO, the EIA now projects that the WTI spot price will average $79.41 per barrel this year and $89.24 per barrel next year. The latest STEO sees the average WTI spot price coming in at $85.93 per barrel in the fourth quarter of 2023, $89.64 per barrel in the first quarter of 2024, $90.34 per barrel in the second quarter, $89 per barrel in the third quarter, and $88 per barrel in the fourth quarter.
In its previous STEO, which was released in October, the EIA projected that the WTI spot price would average $79.59 per barrel in 2023 and $90.91 per barrel in 2024. That STEO saw the average WTI spot price coming in at $86.65 per barrel in the fourth quarter of this year, $90.64 per barrel in the first quarter of 2024, $92 per barrel in the second quarter, $91 per barrel in the third quarter, and $90 per barrel in the fourth quarter.
The EIA’s November STEO highlighted that the WTI spot price averaged $94.91 per barrel in 2022. In the first quarter of 2023, the WTI spot price averaged $75.96 per barrel, and in the second and third quarters, it averaged $73.49 per barrel and $82.25 per barrel, respectively, according to the STEO.
A report sent to Rigzone on November 14 showed that Standard Chartered projected that the NYMEX WTI price will average $95 per barrel in 2024, $106 per barrel in 2025, and $125 per barrel in 2026. This report revealed that Standard Chartered saw the NYMEX WTI price averaging $89 per barrel in the first quarter of 2024, $91 per barrel in the second quarter, $95 per barrel in the third quarter, $103 per barrel in the fourth quarter, and $104 per barrel in the first quarter of 2025.
Standard Chartered had exactly the same quarterly and yearly NYMEX WTI price projections in a separate report sent to Rigzone on October 10. That report also showed that the company saw the NYMEX WTI price averaging $91 per barrel in the fourth quarter of 2023.
In a report sent to Rigzone on September 26, Standard Chartered projected that the NYMEX WTI price would average $88 per barrel in 2023. That report also showed that the company forecast that the NYMEX WTI price would come in at $91 per barrel in the fourth quarter of 2023, $89 per barrel in the first quarter of next year, $91 per barrel in the second quarter, $95 per barrel in the third quarter, $103 per barrel in the fourth quarter, $95 per barrel overall in 2024, and $106 per barrel overall in 2025.
In a report sent to Rigzone on November 3, BMI, a Fitch Solutions company, revealed that it sees the WTI crude price averaging $79 per barrel in 2023 and $82 per barrel in 2024.
When executives from 146 oil and gas firms were asked what they expected the WTI crude oil price to be at the end of the year as part of the latest Dallas Fed Energy Survey, which was released in September, they gave an average response of $87.91 per barrel.
The low forecast came in at $70 per barrel, the high forecast came in at $120 per barrel, and the price of WTI during the survey was $90.29 per barrel, the survey highlighted. The next Dallas Fed Energy Survey is currently scheduled to be released on December 20.
by Andreas Exarheas
click here to read the orignial article at Rigzone.com
*this article was not written by Roseland Oil & Gas