3 Apr

What to Expect from Crude Oil Prices in 2Q17

WRITTEN BY Gordon Kristopher

Crude oil prices  

US crude oil (XLE) (USO) (UCO) (RYE) prices fell ~6% in March 2017. For more, read Key for Investors: Buying or Shorting Crude Oil Futures. Lower crude oil prices have a negative impact on oil and gas producers’ earnings such as Noble Energy (NBL), Northern Oil & Gas (NOG), Triangle Petroleum (TPLM), and Cobalt International Energy (CIE). For more on prices and bearish drivers, read Part 4 of this series.

What to Expect from Crude Oil Prices in 2Q17

Crude oil price forecasts

A market survey of 31 banks shows that US WTI crude oil prices could average $54 per barrel in 2Q17. A market survey of 32 banks shows that Brent crude oil prices could average $56 per barrel in 1Q17.

The EIA (U.S. Energy Information Administration) estimates that US WTI and Brent crude oil prices will average $53 per barrel and $54 per barrel, respectively, in 2Q17. US WTI and Brent crude oil prices averaged $52 per barrel and $53.7 per barrel, respectively, in 2Q17.

The EIA 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.

Russia’s central bank expects that Brent crude oil prices could fall as low as $40 per barrel by the end of 2017 if OPEC doesn’t extend major producers’ production cut deal in 2H17. 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 Crude Oil Prices: Is the Recovery Sustainable? 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.

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