Inside the EIA’s Forecast for WTI Crude Oil Prices
The EIA forecast for WTI prices
The EIA (Energy Information Administration) forecasts that crude oil production in the US will increase through 2018. US crude oil production is expected to average 9.3 million barrels per day in 2017 and 10.0 million barrels per day in 2018.
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The EIA’s June STEO (short-term energy outlook) report noted that the continued increase in drilling activity in the US—especially in Texas—has supported the production increase.
West Texas Intermediate and oil-weighted producers
The EIA forecasts that WTI (West Texas Intermediate) crude oil will average $51 in 2017 and $54 in 2018. The graph above notes the range of possible WTI crude oil prices that are forecasted by the EIA for 2017 and 2018.
Continue to the next part for a closer look at key Permian E&P (exploration and production) stocks.