EIA: Brent Spot Price Heating Up For Summer

The Energy Information Administration (EIA) expects Brent crude oil spot prices will continue to trend towards record numbers during the summer months while the West Texas Intermediate (WTI) will remain below $60 per barrel, according to the EIA’s “Short-Term Energy and Summer Fuels Outlook” released on April 10. The short-term outlook continues to forecast that spot prices will average $63 per barrel both this year and 2019. But WTI will average $4 less than Brent in 2018 and next year. “EIA continues to forecast record crude oil production in the United States for both 2018 and 2019, largely as a result of horizontal drilling and hydraulic fracturing in tight rock formations, especially in the Permian region,” said Dr. Linda Capuano, the administrator of the EIA. “April’s short-term outlook expects U.S. production to average 10.7 million barrels per day (MMbbl/d) in 2018, which would be a new record and represent an increase of nearly 15% from 2017 to 2018.”

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