WTI Oil Price Predictions for 2019

Posted by OilVoice Press - OilVoice


In the United States alone it is believed that a lot of fuel will be used this winter compared to the last. The reasoning behind it was unknown until thorough research was conducted. It looks like this winter is going to be a lot more interesting.

The differences in the usage are of course varied, not all of the fuels will have a similar type of increase in usage. For example, the average increase for natural gas expenditures will most likely increase by 5%. Home heating oil is looking to be used quite excessively this year and is forecast to increase no less than 20%. Electricity is not facing too much difference, but considering the amount used, a 3% increase is still quite a lot.

All of these increases will most likely affect crude oil price as well. Most of this news is directly correlated with oil prices actually. All of these increases in usage is going to require a lot more oil than the US was expecting. Prices are already starting to change.

The EIA is expecting massive increases in oil prices. The fact that the US is going to be needing a lot more oil this year for the winter, has already become known to all of the manufacturers. They have definitely not shied away from increasing the prices quite a lot and the EIA had to run around collecting data and helping with predictions.

Let's look at the numbers and predictions. Brent crude oil price was pretty consistent in September, averaging $79 per barrel, but still managed to get a $6 increase within just 1 month from August. The 2019 predictions have already been made by the EIA, thinking that the price of Brent crude oil will fall to a consistent $75 in 2019. Businesses like Acumen Algo have been already announcing that similar predictions have already been included to its oil trading robot software.

All of this, of course, affects West Texas Intermediate (WTI) as well. The crude oil prices for WTI averaged $6 less than Brent crude oil in 2018 and according to the EIA, the same story will be repeated in 2019. The futures and contracts values for January 2019 ended a few weeks ago on October 4, 2018. All of the information gathered from them suggest that there will most likely be a price range between $60 and $93 per barrel. These WTI prices may not encourage some of the investors to make changes in their portfolios, but the predictions have been announced with a 95% confidence level.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

oil priceWTI2019United StatesUSACrudeBrent CrudeEIAEnergy Information Administration EIA

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 8 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice