2018 EIA Crude Oil price forecast is projecting to see WTI prices at $52/bbl in 2018.
14 July, Crude Oil news - According to 2018 Energy Information Administration (EIA) Crude Oil price forecast West Texas Intermediate (WTI) crude oil prices will be overall $2/bbl lower than Brent prices in 2018. Of course, the energy market is going to be volatile. Thus, crude oil prices should vary significantly from 2018 EIA Crude Oil price forecast due to global economic developments and geopolitical events.
Indeed, EIA's Crude oil price forecast is dynamic, adjusted to seasonality and productivity factors. Thus, EIA expects the WTI prices to be $48/bbl in October 2017 compared to $52/bbl average in 2018.
2018 EIA Crude Oil price forecast
2018 EIA Crude Oil price forecast covers price, supply, demand and seasonality factors. EIA report forecasts total US crude oil production to average 9.9 MMbpd in 2018 vs. 9.3 MMbd in 2017. Indeed, the forecast for 2018 is the highest annual average oil production in the US. The previous highest US crude oil production was in 1970 with 9.6 MMbpd.