The U.S. Energy Information Administration (EIA) has released its latest short term energy outlook (STEO), which offers the organization’s latest Brent crude oil price forecasts for this year and the next. Show According to the September STEO, the EIA sees the Brent spot price averaging $104.21 per barrel in 2022 and $96.91 per barrel in 2023. Broken down quarterly, the STEO forecasts that the commodity will average $103.89 per barrel in the third quarter of this year and $97.98 per barrel in the fourth quarter of 2022. In its previous STEO, which was released in August, the EIA projected that the Brent spot price would average $104.78 per barrel in 2022 and $95.13 per barrel in 2023. The EIA’s August STEO forecasted that the Brent spot average price would come in at $105.82 per barrel in the third quarter of 2022 and $98.30 per barrel in the fourth quarter of 2022. “The monthly average Brent front-month futures price was $98 per barrel in August, about $7 per barrel lower than in July,” the EIA stated in its latest STEO, adding that the lower prices in August “likely reflected overall increases in global petroleum inventories”. “We estimate that crude oil prices will generally remain near August average levels through the end of 2023. Although we expect average crude oil prices to mostly remain between $90 per barrel - $100 per barrel through next year, the possibility for significant volatility around those averages is high,” the EIA added in the STEO. In its latest STEO, the EIA highlighted several recent events “contributing to increased uncertainty in the crude oil market and in our forecast”. These included the impact of the recent OPEC decision to reduce crude oil production by 0.1 million barrels per day in October and whether there will be further production cuts in the future, the threat of increasing conflict following the outbreak of violent clashes in the Libyan capital of Tripoli, and uncertainty around the potential expiration of the current coordinated petroleum release from strategic reserves in November. The potential return to an Iran nuclear deal that could lift sanctions on the country and allow Iran’s crude oil exports into the market and the risk of hurricanes that could result in potential production outages and limited export traffic along the U.S. Gulf Coast were also flagged as recent events contributing to increased uncertainty in the sector and the EIA’s forecast. At the time of writing, the price of Brent crude oil is trading at $88.18 per barrel. The lowest the commodity has traded this year, so far, was $78.98 per barrel on January 3, while the highest, so far, was $127.98 per barrel on March 8. Oil soared past $100 per barrel for the first time in years in February as Russian forces escalated a conflict with Ukraine. The commodity closed at $88 per barrel on September 7 after closing at $105.09 per barrel near the end of August. The Average Crude Oil Spot Price calculates an equally weighted price of the WTI Crude Oil Price, Brent Crude Oil Price, and Dubai Crude Oil Price. This metric gives a nice overview of the broad crude oil market, rather than looking at one type of crude oil price alone. One of the most notable times for the Average Crude Oil Spot Price was in 2008. Prices for the Average Crude reached as high as $114/barrel because of large cuts in production. However, because of the financial crisis and an abrupt loss of demand for oil globally, the price of Average Crude fell as much at 70% off highs in January of 2009. Average Crude Oil Spot Price is at a current level of 87.38, down from 90.33 last month and up from 79.92 one year ago. This is a change of -3.27% from last month and 9.33% from one year ago. ReportCommodity Markets ReviewCategoriesAgriculture and Livestock , Chemicals , Metals RegionN/ASourceWorld Bank StatsLast Value87.38Latest PeriodNov 2022Last UpdatedDec 5 2022, 10:06 ESTAverage Growth Rate11.79% Value from Last Month90.33Change from Last Month-3.27%Value from 1 Year Ago79.92Change from 1 Year Ago9.33%FrequencyMonthlyUnitUSD per BarrelAdjustmentN/ADownload Source FileDownloadNotesAverage spot price of Brent, Dubai and West Texas Intermediate, equally weighed. Historical DataView and export this data back to 1960. Upgrade now. DateValueNovember 30, 202287.38October 31, 202290.33September 30, 202288.22August 31, 202295.97July 31, 2022105.08June 30, 2022116.80May 31, 2022110.10April 30, 2022103.41March 31, 2022112.40February 28, 202293.54January 31, 202283.92December 31, 202172.87November 30, 202179.92October 31, 202182.06September 30, 202172.80August 31, 202168.87July 31, 202173.28June 30, 202171.80May 31, 202166.40April 30, 202162.95March 31, 202163.83February 28, 202160.46January 31, 202153.60December 31, 202048.73November 30, 202042.30 DateValueOctober 31, 202039.90September 30, 202040.60August 31, 202043.44July 31, 202042.07June 30, 202039.46May 31, 202030.38April 30, 202021.04March 31, 202032.20February 29, 202053.35January 31, 202061.63December 31, 201963.35November 30, 201960.40October 31, 201957.27September 30, 201960.04August 31, 201957.67July 31, 201961.48June 30, 201959.76May 31, 201966.83April 30, 201968.58March 31, 201963.79February 28, 201961.13January 31, 201956.58December 31, 201853.96November 30, 201862.32October 31, 201876.73 Basic InfoThe Average Crude Oil Spot Price calculates an equally weighted price of the WTI Crude Oil Price, Brent Crude Oil Price, and Dubai Crude Oil Price. This metric gives a nice overview of the broad crude oil market, rather than looking at one type of crude oil price alone. One of the most notable times for the Average Crude Oil Spot Price was in 2008. Prices for the Average Crude reached as high as $114/barrel because of large cuts in production. However, because of the financial crisis and an abrupt loss of demand for oil globally, the price of Average Crude fell as much at 70% off highs in January of 2009. Average Crude Oil Spot Price is at a current level of 87.38, down from 90.33 last month and up from 79.92 one year ago. This is a change of -3.27% from last month and 9.33% from one year ago. ReportCommodity Markets ReviewCategoriesAgriculture and Livestock , Chemicals , Metals RegionN/ASourceWorld Bank StatsLast Value87.38Latest PeriodNov 2022Last UpdatedDec 5 2022, 10:06 ESTAverage Growth Rate11.79% Value from Last Month90.33Change from Last Month-3.27%Value from 1 Year Ago79.92Change from 1 Year Ago9.33%FrequencyMonthlyUnitUSD per BarrelAdjustmentN/ADownload Source FileDownloadNotesAverage spot price of Brent, Dubai and West Texas Intermediate, equally weighed. Related IndicatorsWorld Energy Australia Coal Price342.16 USD/mtBrent Crude Oil Spot Price81.66 USD/bblBrent WTI Spread6.61 USD/bblDubai Fateh Crude Oil Spot Price91.21 USD/bblJapan Liquefied Natural Gas Import Price21.74 USD/MMBtu OPEC Crude Oil Production31.57M bbl/dUS Liquefied Natural Gas Exports Price16.72 USD/thou cfWorld Oil Consumption94.09M bbl/dWorld Oil Production89.88M bbl/dWorld Oil Rig Count701.00WTI Crude Oil Spot Price75.05 USD/bbl How much for a barrel of oil right now?Live interactive chart of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel. The current price of WTI crude oil as of December 22, 2022 is 79.39 per barrel.
How high will oil go in 2022?A survey of 38 economists and analysts forecast benchmark Brent crude would average $100.50 a barrel this year, and $93.65 in 2023, slightly lower than October's $101.10 and $95.74 consensus, respectively. U.S. crude was forecast to average $95.56 a barrel in 2022 and $87.80 next year.
How much is gas if oil is $200 per barrel?Analysts cited by NPR project that if oil hits $200, the retail price of gas would average $5.84 in the US.
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