The U.S. Power Info Administration (EIA) elevated its 2026 West Texas Intermediate (WTI) crude oil common spot worth forecast, and lowered its 2027 projection, in its newest brief time period vitality outlook (STEO).
Based on the EIA’s February STEO, which was launched on February 10, the EIA now sees the WTI spot worth averaging $53.42 per barrel this 12 months and $49.34 per barrel subsequent 12 months. In its earlier STEO, which was launched in January, the EIA projected that the WTI spot worth would common $52.21 per barrel in 2026 and $50.36 per barrel in 2027.
A quarterly breakdown included within the EIA’s newest STEO projected that the WTI common spot worth will are available at $58.62 per barrel within the first quarter of this 12 months, $53.65 per barrel within the second quarter, $51.69 per barrel within the third quarter, $50.00 per barrel within the fourth quarter, $49.00 per barrel within the first quarter of subsequent 12 months, $49.66 per barrel within the second quarter, $49.68 per barrel within the third quarter, and $49.00 per barrel within the fourth quarter of 2027.
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In its earlier STEO, the EIA forecast that the WTI spot worth would common $54.93 per barrel within the first quarter of this 12 months, $52.67 per barrel within the second quarter, $52.03 per barrel within the third quarter, $49.34 per barrel within the fourth quarter, $49.00 per barrel within the first quarter of subsequent 12 months, $50.66 per barrel within the second quarter, $50.68 per barrel within the third quarter, and $51.00 per barrel within the fourth quarter of 2027.
In a BMI report despatched to Rigzone by the Fitch Group on Friday, BMI projected that the entrance month WTI crude worth will common $64.00 per barrel in 2026 and $68.00 per barrel in 2027.
Customary Chartered sees the NYMEX WTI close by future crude oil worth averaging $59.90 per barrel in 2026 and $63.50 per barrel in 2027, in keeping with a report despatched to Rigzone by the Customary Chartered group this week.
That report confirmed that the corporate sees the commodity averaging $58.50 per barrel within the first quarter of this 12 months, $59.50 per barrel within the second quarter, $60.50 per barrel within the third quarter, $61.00 per barrel within the fourth quarter, and $63.00 per barrel within the first quarter of subsequent 12 months.
In a J.P. Morgan report despatched to Rigzone on February 4 by Natasha Kaneva, the corporate’s head of worldwide commodities technique, J.P. Morgan projected that the WTI crude oil worth will common $54 per barrel this 12 months and $53 per barrel subsequent 12 months.
A quarterly breakdown included in that report confirmed that the corporate was forecasting that the commodity will are available at $56 per barrel within the first quarter of this 12 months, $55 per barrel within the second quarter, $52 per barrel within the third quarter, $51 per barrel within the fourth quarter, $51 per barrel within the first quarter of 2027, $53 per barrel throughout the second and third quarters, and $55 per barrel within the fourth quarter of subsequent 12 months.
In a market remark despatched to Rigzone on Thursday, Aaron Hill, Chief Market Analyst at FP Markets, famous that “oil costs proceed to draw bids amid Center East tensions”.
“Technically, WTI Oil – because of a lackluster response from day by day resistance at $66.02 – reveals scope for additional outperformance, per chart research,” he added.
A Stratas Advisors report despatched to Rigzone by the Stratas group late Monday highlighted that the value of WTI ended the week at $63.50 per barrel after closing the earlier week at $65.74 per barrel.
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