Where Are Prices Going? Oil Price Forecast for Q4 2023 23 April 2024 / Comments In an updated consensus by 37 economists and analysts, Brent crude is expected to average $86.15 from September through December 2023, a slight decrease from its current trading price of $86.70. This optimism ...
While economic recovery from the pandemic is well underway, oil prices continue to be affected by global uncertainties and the oil price forecast will reflect this. Key Takeaways The EIA forecast that Brent crude oil prices will average $95.33/b in 2023. WTI is forecast to average $87.33/b...
Let’s start with the necessary caveats. Forecasters predict different prices – we have been historically focusing on Dated Brent prices, which arguably should reflect supply/demand fundamentals more directly than the non-physically-deliverable ICE Brent futures contract.That said, the difference betwee...
In its short-term energy outlook for May, the EIA lowered its forecast for the average price of Brent crude oil in 2023 by US$6.36/barrel to US$78.65/barrel, much lower than its forecast of US$85/barrel in April. Similarly...
It revised its oil price forecast lower by $19 per barrel on average for the period stretching from the fourth quarter of 2022 to the fourth quarter of 2023 and sees global oil demand growing in 2023 by 2 million bbl/d at current prices, versus a previous forecast of 2.5 million...
After Saudi Arabia and other major oil producers announced voluntary production cuts, crude oil bull Goldman Sachs has raised its forecast for Brent crude oil prices by the end of 2023 from $90 to $95, and by the end of 2024 from $97 to $100. ...
Furthermore, the degree to which other oil producers respond to current oil prices, as well as the effects macroeconomic developments might have on global oil demand, will be important for oil price formation in the coming months, the report added. ...
After averaging $82/bbl in 2023, Brent is forecast to average $82/bbl in 2024 and $79/bbl in 2025 because of expectations that global supply and demand of petroleum liquids will be balanced. The EIA noted that its price outlook is uncertain, and it generally expects that Brent prices are...
The partial least-squares model produced the out-of-sample WTI oil price forecast summarized in Figure 3. The figure shows that the PLS model with ten components successfully forecasts the in-sample WTI oil prices. The out-of-sample forecasts tell a different story, however. The out-of-sample...
January 3, 2023 to December 30, 2024 Supplementary notes This statistic was assembled from multiple sources. Data for Brent was taken from Börse Frankfurt, WTI prices were taken from BNN Bloomberg, and information on the OPEC basket was published by OPEC. All prices are for front-month fut...