EIA lowers its crude oil price forecast (3/9/2016)

The Short-Term Energy Outlook (STEO) released on March 8 forecasts that North Sea Brent crude oil prices will average $34 per barrel (b) in 2016 and $40/b in 2017, $3/b and $10/b lower, respectively, than expected in last month’s STEO. EIA expects that West Texas Intermediate (WTI) prices will average the same as Brent in 2016 and 2017, based on the assumption that the two crudes will compete in the U.S. Gulf Coast refinery market during the forecast period, with similar transportation differentials from their respective pricing points to that market. ... More »