Baku, Azerbaijan, Nov.10
By Leman Zeynalova – Trend:
Brent spot prices are expected to average $53 per barrel in 2017 and $56 per barrel in 2018, according to November Short-Term Energy Outlook of the US Energy Information Administration (EIA).
“North Sea Brent crude oil spot prices averaged $58 per barrel in October, an increase of $1 per barrel from the average in September,” said the report.
West Texas Intermediate (WTI) crude oil prices are forecast to average almost $5 per barrel lower than Brent prices in 2018, according to EIA estimates.
After averaging $2 per barrel lower than Brent prices through the first eight months of 2017, WTI prices averaged $6 per barrel lower than Brent prices in September and October, said the report.
“The spread between Brent and WTI prices is expected to remain at this level through the first quarter of 2018 before narrowing to $4 per barrel during the second half of 2018,” EIA analysts believe.
In its September STEO, EIA expected Brent spot prices to average $52 per barrel in 2017 and $54 per barrel in 2018.
For the fourth quarter of 2017, EIA forecasts Brent and WTI prices to average at $56.86 per barrel and $50.89 per barrel, respectively.
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