Tuesday, January 8, 2013

Crude Oil Pricing Projections -- US Department of Energy

US Dept of Energy oil forecast for 2013, data points:
  • global consumption will climb to a record
And one could stop right there, but let's continue:

2012:
  • 2012: WTI average: $94.12
2013:
  • 2013est: WTI average -- $89.54/bbl (up 1.3 percent from last month's forecast)
  • Brent, 2013est: $105.17/bbl average (up 1.4 percent from last month's forecast)
2014: 
  • 2014est: WTI to $91/bbl
  • 2014est: Brent will slip to $99.25 
Brent-WTI spread 
  • 2013est: Brent-WTI spread -- $16/bbl (rounded)
  • 2014est: Brent-WTI spread -- $8/bbl (rounded)
Global demand:
  • 2012: 89.17 million bbls
  • 2013est: 90.11 million bbls
  • 2014est:  91.46 million bbls
Note: to the best of my knowledge, these numbers are correct; the article was a bit confusing due to so many projections from month to month. At least confusing to me. Recommend: check out the linked article.