The U.S. Power Info Administration (EIA) raised its West Texas Intermediate (WTI) oil value forecast for 2024 and 2025 in its newest brief time period vitality outlook (STEO), which was launched final week.
The EIA now sees the WTI spot value averaging $83.78 per barrel this 12 months and $82.48 per barrel subsequent 12 months, in line with the report, which projected that the commodity will common $85.30 per barrel within the second quarter of 2024, $86.84 per barrel within the third quarter, and $85.17 per barrel within the fourth quarter. Within the first quarter of this 12 months, the WTI spot value averaged $77.50 per barrel, the STEO confirmed.
In 2025, the EIA expects the WTI spot value to common $83.84 per barrel within the first quarter, $82.50 per barrel throughout the second and third quarters, and $81.16 per barrel within the fourth quarter, in line with the STEO.
The EIA forecast in its earlier March STEO that the WTI spot value would common $77.08 per barrel within the first quarter of 2024, $83.80 per barrel within the second quarter, $84.50 per barrel within the third quarter, $83.50 per barrel within the fourth quarter, and $82.15 per barrel total in 2024.
That STEO confirmed that the EIA anticipated the WTI spot value to return in at $82.84 per barrel within the first quarter of 2025, $81.50 per barrel within the second quarter, $79.50 per barrel within the third quarter, $77.50 per barrel within the fourth quarter, and $80.30 per barrel total in 2025.
In a analysis be aware despatched to Rigzone final Monday, J.P Morgan projected that the WTI crude value will common $79 per barrel in 2024 and $71 per barrel in 2025. In that be aware, J.P. Morgan forecast that the commodity will common $75 per barrel within the first quarter of 2024, $80 per barrel throughout the second and third quarters, $81 per barrel within the fourth quarter, $78 per barrel within the first quarter of subsequent 12 months, $73 per barrel within the second quarter, $69 per barrel within the third quarter, and $65 per barrel within the fourth quarter.
In a report despatched to Rigzone final Tuesday, Normal Chartered forecast that the NYMEX WTI foundation close by future value will common $91 per barrel within the second quarter of 2024, $95 per barrel within the third quarter, $103 per barrel within the fourth quarter, $104 per barrel within the first quarter of 2025, $100 per barrel within the second quarter, and $108 per barrel within the third quarter.
Normal Chartered projected in that report that the commodity will common $106 per barrel total in 2025, $125 per barrel total in 2026, and $112 per barrel total in 2027.
In a report despatched to Rigzone firstly of the month, BofA World Analysis revealed that it had elevated its 2024 WTI value forecast to $81 per barrel.
BMI, a Fitch Options firm, projected in a report despatched to Rigzone on the finish of March that the WTI crude value will common $82 per barrel in 2024 and $81 per barrel in 2025.
Additionally final month, executives from oil and fuel corporations revealed the place they anticipated the WTI crude oil value to be at varied factors sooner or later as a part of the primary quarter Dallas Fed Power Survey.
The survey confirmed that the typical response executives from 145 oil and fuel corporations gave when requested what they anticipate the WTI crude oil value to be on the finish of 2024 was $80.11 per barrel. The low forecast within the survey was $70 per barrel, the excessive forecast was $120 per barrel, and the WTI value throughout the survey was $82.52 per barrel, the survey highlighted.
The newest Dallas Fed Power Survey additionally requested members the place they anticipate WTI costs to be in six months, one 12 months, two years, and 5 years. Executives from 135 oil and fuel corporations answered this query and gave a imply response of $79 per barrel for the six month mark, $81 per barrel for the 12 months mark, $83 per barrel for the 2 12 months mark, and $90 per barrel for the 5 12 months mark.
To contact the writer, e mail andreas.exarheas@rigzone.com