Crude oil prices
US crude oil (SCO) (BNO) (PXI) (USL) prices have risen ~8.2% in the past month. Read Will Crude Oil Futures Break Key Resistance of $54 per Barrel? to learn more. Higher crude oil prices have a positive impact on oil and gas producers’ earnings such as Noble Energy (NBL), Carrizo Oil & Gas (CRZO), Whiting Petroleum (WLL), Chesapeake Energy (CHK), and PDC Energy (PDCE). For more on prices and bearish drivers, read Part 4 of this series.
Crude oil price forecasts
A market survey of 31 banks shows that US WTI crude oil prices could average $54.5 per barrel in 2Q17. In 2Q17, US crude oil prices could break the 2017 high hit in February.
A market survey of 32 banks shows that Brent crude oil prices could average $56.25 per barrel in 2Q17.
The EIA (U.S. Energy Information Administration) estimates that US WTI and Brent crude oil prices will average $53.5 per barrel and $54.6 per barrel, respectively, in 2017. It also estimates that US WTI and Brent crude oil prices will average $56.2 per barrel and $57.2 per barrel, respectively, in 2018. US WTI and Brent crude oil prices averaged $43.3 per barrel and $43.7 per barrel in 2016, respectively.
REYL Bank expects that crude oil prices could trade between $50 and $60 per barrel in 2017.
Read What Can Investors Expect in the Crude Oil Market in 2017 and Are the US, Iran, and Libya Delaying the Oil Market’s Rebalance? for more on crude oil prices.
Read Will Crude Oil Prices Test 3 Digits Again? for more information on crude oil price forecasts.
For energy-related analysis, visit Market Realist’s Energy and Power page.