Where Will WTI Oil Price Be at End 2023?
The price of West Texas Intermediate (WTI) oil will be $83.63 per barrel at the end of 2023.
That was the average response executives from 150 oil and gas firms delivered when asked what they expected the WTI price to be at the end of this year as part of the fourth quarter Dallas Fed Energy Survey. The low forecast in the survey came in at $65 per barrel, while the high forecast came in at $160 per barrel.
During the survey collection period, the WTI price averaged $73.67 per barrel, the Dallas Fed Energy Survey highlighted. At the time of writing, the WTI price was trading at $79.11 per barrel.
WTI saw its highest 2022 close on March 8, at $123.7 per barrel, before dropping to under $95 per barrel in April, rising back to more than $120 per barrel in June, and steadily dropping to its lowest 2022 close of $71.02 per barrel on December 9. WTI then rose above $80 per barrel towards the end of December.
The fourth quarter Dallas Fed Energy Survey was the first Dallas Fed Energy Survey to ask respondents about year-end 2023 prices. The previous three surveys throughout 2022 all asked respondents what they expected year-end 2022 prices to be.
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, was $88.74 per barrel. The low forecast in the survey came in at $65 per barrel, while the high forecast came in at $122 per barrel. WTI closed at $80.26 per barrel on December 30.
The Dallas Fed conducts the Dallas Fed Energy Survey quarterly to obtain a timely assessment of energy activity among oil and gas firms located or headquartered in the Eleventh District, the Dallas Fed notes on its website.
To contact the author, email andreas.exarheas@rigzone.com
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