The price of crude oil in the United States and internationally is expected to be flat throughout 2019, according to a study by the US Energy Information Administration released this week.
US Energy Information Administration forecasts that the Brent crude oil price, the international price traded in London, will average $63 per barrel in 2019 and $62 in 2020, compared with $71 in 2018. The US EIA expects that West Texas Intermediate crude oil prices will usual $9 lower than Brent prices in the first half of 2019 before the discount gradually narrows to $4 at the end of 2019 and throughout 2020.
Brent crude, the global oil benchmark, is expected to continue to average over $67 a barrel in 2019, according to a poll of 11 investment banks conducted by the Wall Street Journal. West Texas Intermediate, the US oil standard, is expected to average nearly $60 a barrel this year, the poll showed.
Brent crude oil spot prices are around $64 in February, up $5 from January and about $1 lower than at the same time last year.
The report stated The price increases likely reflect falling global liquid fuels inventories, which EIA estimates fell by 1.4 million barrels per day in February.
Crude oil stocks at the major storage facilities at Cushing, Oklahoma increased 4.2 million barrels from the first week in February through March 8, likely putting downward pressure on WTI prices, EIA stated. Midwest gross refinery inputs also fell to an average of 3.5 million for the four weeks ending March 1, which is lower than the five-year (2014–18) average level for that time of year.
Source: https://ftsejsetop40futures.org/nymex-crude-oil-futures-cl-price-today/

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here