Where Will WTI Oil Price be at End-2022?
Between $100 and $109.99 per barrel.
That was the most popular response by executives from 134 oil and gas firms when asked, as part of the latest Dallas Fed Energy Survey, where they expected the West Texas Intermediate (WTI) crude oil price to be at the end of 2022.
Just under 30 percent of the participants chose the response, with the second most popular response being between $120.00 and $129.99 per barrel. Over 10 percent of participants see WTI coming in at under $90 per barrel at the end of the year and just under 10 percent see the commodity hitting $140 or more at the end of 2022, the second quarter (2Q) Dallas Fed Energy Survey showed.
The survey average for 2Q hit $107.93 per barrel, with a low forecast of $65 per barrel and a high forecast of $160 per barrel, the Dallas Fed Energy Survey highlighted. The WTI price during the survey was shown to be $119.56.
In its first quarter survey, the average WTI price prediction for the year-end WTI oil price was $93.26 per barrel, with a low forecast of $50 per barrel and a high forecast of $200 per barrel, the latest Dallas Fed Energy Survey pointed out. The WTI price during this survey was shown to be $103.07 per barrel.
The U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released June 7, sees the WTI spot price averaging $102.47 per barrel this year. According to the STEO, the WTI spot price will average $93 per barrel in the fourth quarter of 2022.
Fitch Solutions Country Risk & Industry Research sees the WTI price averaging $97 per barrel this year, according to a report sent to Rigzone last Friday.
At the time of writing, WTI is trading at $112.37 per barrel. The commodity started the year just above the mid-$70 mark and has since gone on to close above the $120 mark on several occasions this year.
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