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- The EIA said Brent crude is expected to average $96.91 a barrel in 2023, up 1.9% from the August forecast. West Texas Intermediate crude prices are expected to average $90.01 a barrel next year, up 2% from the previous forecast. The EIA, however, lowered its 2022 forecasts for WTI oil by 0.6% to $98.07 and by 0.5% to $104.21 for Brent.
www.marketwatch.com/story/eia-lifts-2023-price-forecasts-for-wti-and-brent-oil-and-us-natural-gas-2022-09-07EIA lifts 2023 price forecasts for WTI and Brent oil, and U.S ...
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Dec 29, 2023 · Brent had climbed 10% and WTI by 7% last year, supported by supply concerns following Russia's invasion of Ukraine. A Reuters survey of 34 economists and analysts forecast Brent crude will...
- Oil rises to highest in 2023 on tight supply expectations
Brent crude rose $1.82, or 1.98%, to settle at $93.70, after...
- Oil rises to highest in 2023 on tight supply expectations
- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
Jan 2, 2024 · The price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding. Global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the EU, and global crude oil demand fell short of expectations.
Dec 2, 2022 · The EIA forecast that Brent crude oil prices will average $95.33/b in 2023. WTI is forecast to average $87.33/b in 2023. Oil prices rise and fall due to fluctuations in supply and demand and global political and economic events.
- Kimberly Amadeo
Sep 14, 2023 · Brent crude rose $1.82, or 1.98%, to settle at $93.70, after touching $93.89, its highest since November 2022. U.S. West Texas Intermediate crude (WTI) gained $1.64, or 1.85%, to $90.16,...
Sep 1, 2023 · For the day, WTI was trading up $1.33 per barrel, or 1.59%. Brent crude oil was also trading up on the day, by $1.05 per barrel, or 1.21%, at $87.88—also a new 2023 record.
Sep 7, 2022 · The Energy Information Administration raised its 2023 price forecasts for U.S. and global crude-oil benchmarks, as well as U.S. natural gas, according to the monthly Short-Term Energy Outlook...
