Forecast In 2017 And 2017
How Lengthy Will Crude Oil and Pure Gas Rally on Inventory Cues
(Continued from Prior Half)
The EIA (U.S. Power Information Administration) released its month-to-month STEO (Quick-Term Energy Outlook) report on June 9, 2015. The report highlighted that Brent crude oil costs might average around $sixty one per barrel in 2015 and $67 per barrel in 2016. Brent’s 2016 estimates are $three per barrel decrease than the EIA’s earlier estimates. Government data also showed that WTI (West Texas Intermediate) crude oil may additionally average around $56 per barrel in 2015 and $sixty two c l thomas petroleum company quotes per barrel in 2016.
The consensus of slowing US crude oil production, improving world crude oil demand, and risks of unplanned outages from the Middle East and North Africa supported crude oil costs. Nonetheless, world crude oil inventories continued to extend for third month in a row. The worldwide stockpile was at 2 MMbbls (million barrels) in May 2015.
US crude oil manufacturing averaged round 9.6 MMbpd (million barrels per day) in Might 2015. The EIA expects the US crude oil manufacturing to slow down in 2H15. It will resume manufacturing in early 2016. The federal c l thomas petroleum company quotes government company forecasts that US crude oil manufacturing might average round 9.Four MMbpd in 2015 and 9.Three MMbpd in 2016.
Last week, OPEC (Organization of the Petroleum Exporting Countries) determined to take care of its quota of 30 MMbpd for the subsequent six months. OPEC produced 31.2 MMbpd of crude oil in Could 2015. The estimates of rising manufacturing will proceed to place stress on crude oil costs.
Increased crude oil costs profit a few of the US shale oil and gas corporations like Whiting Petroleum (WLL), Continental Assets (CLR), and Marathon Oil (MRO). In addition they affect oil and fuel ETFs just like the SPDR S&P Oil & Fuel Exploration & Production ETF (XOP) and the Choose c l thomas petroleum company quotes Sector SPDR Fund ETF (XLE).