The short-term outlook continues to forecast that Brent crude oil spot prices will average $63 per barrel in both 2018 and 2019, while West Texas Intermediate will remain below $60 per barrel, averaging about $4 per barrel less than Brent in both years.Mike Filloon suggests we will see $70 $75/bbl WTI by July 4, 2018. Posted earlier.
If the EIA is correct, Saudi Arabia is in deep, deep trouble. They "used" to need $100-oil to meet national budgetary needs. Then they "settled" for $80-oil but were forced to live with $60-oil. Oilprice.com had a headline suggesting Saudi Arabia was "secretly" targeting $80 oil. I did not read the article. But if the EIA is correct, it's not going to be a pretty picture for the kingdom.
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