Executives from oil and fuel companies have revealed the place they count on the West Texas Intermediate (WTI) crude oil value to be at numerous factors sooner or later as a part of the third quarter Dallas Fed Power Survey.
The common response executives from 134 oil and fuel companies gave when requested what they count on the WTI crude oil value to be on the finish of 2024 was $72.66 per barrel, the survey confirmed. The low forecast got here in at $55 per barrel, the excessive forecast was $100 per barrel, and the spot value in the course of the survey was $70.82 per barrel, the survey highlighted.
Within the second quarter Dallas Fed Power Survey, the common response executives from 135 oil and fuel companies gave when requested the identical query was $78.66 per barrel. The low forecast in that survey was $62.50 per barrel, the excessive forecast was $100 per barrel, and the WTI spot value in the course of the survey was $79.94 per barrel, that survey identified.
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The third quarter Dallas Fed Power Survey additionally requested individuals the place they count on WTI costs to be in six months, one yr, two years, and 5 years. Executives from 119 oil and fuel companies answered this query and gave a imply response of $73 per barrel for the six month mark, $76 per barrel for the yr mark, $81 per barrel for the 2 yr mark, and $87 per barrel for the 5 yr mark, the survey confirmed.
Executives from 123 oil and fuel companies answered this query within the second quarter Dallas Fed Power Survey. They gave a imply response of $78 per barrel for the six month mark, $80 per barrel for the yr mark, $83 per barrel for the 2 yr mark, and $88 per barrel for the 5 yr mark, that survey outlined.
The oil value was highlighted a number of instances in a ‘feedback’ part of the newest Dallas Fed Power Survey, which the survey outlined confirmed feedback from respondents’ accomplished surveys that had been edited for publication.
“Turbulent commodity pricing markets, particularly WTI crude oil and Henry Hub pure fuel, don’t permit for assured future efficiency projections in the case of internet earnings,” one exploration and manufacturing agency stated, the survey confirmed.
“The present disconnect between oil value and bodily provide is worrisome,” an oil and fuel assist providers agency stated, in response to the survey.
“Costs usually are not supportive of the long-term investments wanted to take care of ample provides via the vitality transition. Because of this, the present underinvestment will result in vital stock shortfalls within the medium time period, adopted by speedy value escalation,” it added.
“It’s going to be a really bumpy journey … once more,” it continued.
“Center Jap politics appear to play much less and fewer of a think about figuring out the value of oil, and the value increasingly displays worldwide economics,” one other oil and fuel assist providers agency stated, the survey confirmed.
A analysis observe despatched to Rigzone by the JPM Commodities Analysis crew on Monday confirmed that J.P. Morgan is forecasting that the WTI crude value will common $78 per barrel in 2024 and $71 per barrel in 2025.
A report despatched to Rigzone on Tuesday by Customary Chartered Financial institution Head of Commodities Analysis Paul Horsnell confirmed that the corporate expects the NYMEX WTI foundation close by future crude oil value to common $79 per barrel within the third quarter of 2024, $84 per barrel within the fourth quarter, and $89 per barrel total in 2025.
In its newest brief time period vitality outlook (STEO), which was launched final month, the U.S. Power Data Administration (EIA) projected that the WTI spot value will common $78.80 per barrel in 2024 and $79.63 per barrel in 2025.
To contact the writer, e-mail andreas.exarheas@rigzone.com
