Crude oil prices
November US crude oil (DWT)(UWT)(USO) futures are above their 20-day, 50-day, and 100-day moving averages at $49.25, $48.77, and $48.11 per barrel as of September 25. These levels suggest bullish momentum in prices at the moment. US crude oil futures could trade higher from here.
US crude oil futures are at their highest level since April 2017. Higher crude oil generally has a positive impact on oil and gas producers (XLE)(XOP)(VDE)(RYE) such as Hess (HES), Sanchez Energy (SN), and Goodrich Petroleum (GDP).
Crude oil price forecasts
The EIA (U.S. Energy Information Administration) estimates that US crude oil prices will average $48.83 per barrel in 2017 and $49.58 per barrel in 2018. Brent crude oil prices should average $51.07 per barrel in 2017 and $51.58 per barrel in 2018.
A market survey estimates that US crude oil prices could average $50.68 per barrel in Q4 2017. It also estimates that US crude oil prices could average $52 per barrel in 2018.
Likewise, market surveys estimate that Brent crude oil prices could average $53.25 per barrel in Q4 2017 and that Brent crude oil prices could average $54.5 per barrel in 2018. A production cut deal and Saudi Arabia’s export cut plans could support crude oil prices.
US and Brent crude oil prices averaged $43.3 per barrel and $43.7 per barrel, respectively, in 2016.
See Crude Oil Futures: Is It Time for a Correction? and Will OPEC Meeting Overshadow Excess US Crude Oil Supply? for more on crude oil.
For updates on natural gas, see Why OPEC’s Meeting Is Important for Natural Gas Prices.