Full Title: SHORT-TERM ENERGY OUTLOOK
Author(s): U.S. Energy Information Administration
Publisher(s): U.S. Energy Information Administration
Publication Date: May 1, 2018
Full Text: Download Resource
Description (excerpt):
Brent crude oil spot prices averaged $72 per barrel (b) in April, an increase of $6/b from the March level and the first time monthly Brent crude oil prices have averaged more than $70/b since November 2014. EIA forecasts Brent spot prices will average $71/b in 2018 and $66/b in 2019, which are $7/b and $3/b higher, respectively, than in the April STEO. EIA expects West Texas Intermediate (WTI) crude oil prices to average $5/b lower than Brent prices in both 2018 and 2019. NYMEX WTI futures and options contract values for August 2018 delivery traded during the five-day period ending May 3, 2018, suggest a range of $54/b to $84/b encompasses the market expectation for August 2018 WTI prices at the 95% confidence level.