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The Dirt on the Permian Basin: Hot or Not?

PART:
1 2 3 4 5 6 7 8 9 10 11 12 13
Part 10
The Dirt on the Permian Basin: Hot or Not? PART 10 OF 13

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.

Inside the EIA’s Forecast for WTI Crude Oil Prices

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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.

Remember, the fate of crude oil prices is heavily linked to oil-weighted producers such as Apache (APA), Continental Resources (CLR), and Concho Resources (CXO).

Continue to the next part for a closer look at key Permian E&P (exploration and production) stocks.

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