Where Will WTI Crude Oil Price Be at End-2022?
The West Texas Intermediate crude oil price will be $88.74 per barrel at the end of the year.
That was the average response executives from 159 oil and gas firms delivered when asked what they expected the WTI price to be at the end of 2022 as part of the third quarter Dallas Fed Energy Survey. The low forecast in the survey came in at $65 per barrel, while the high forecast came in at $122 per barrel.
The survey average in the second quarter Dallas Fed Energy Survey was $107.93 per barrel, while the low forecast was $65 per barrel and the high forecast was $160 per barrel. Executives from 134 oil and gas firms answered the question as part of the 2Q survey.
In the first quarter Dallas Fed Energy Survey, the average came in at $93.26 per barrel, while the low forecast was $50 per barrel and the high forecast was $200 per barrel. Executives from 138 oil and gas firms answered the question as part of the 1Q survey.
The WTI price during the 3Q, 2Q and 1Q surveys was $85.49 per barrel, $119.56 per barrel and $103.07 per barrel, respectively.
“Optimism waned somewhat this quarter as the company outlook index posted a ninth consecutive positive reading but fell 33 points to 33.1,” the latest Dallas Fed Energy Survey noted.
“The overall outlook uncertainty index jumped from 12.4 to 35.7, suggesting uncertainty became much more pronounced this quarter, especially among E&P firms. The uncertainty index was 17.8 for services firms versus 45.2 for E&P firms, with 53 percent of E&P firms reporting an increase in uncertainty,” the survey added.
At the time of writing, the price of WTI stood at $81.57 per barrel. The commodity started the year under $80 per barrel, closed above $120 per barrel on several occasions between March and June, then steadily fell to around $80 per barrel.
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