The West Texas Intermediate crude oil price will be $88.74 per barrel at the end of the year.
That’s the average response of executives from 159 oil and gas companies when asked what they expect the price of WTI to be at the end of 2022 in the survey. Dallas Fed energy in the third quarter. The survey’s low forecast was $65 a barrel, while the high forecast was $122 a barrel.
The Dallas Fed Energy Survey’s second-quarter average was $107.93 a barrel, while the low forecast was $65 a barrel and the high forecast was $160 a barrel. Executives from 134 oil and gas companies answered the question in the 2Q survey.
In the first quarter of the Dallas Fed energy survey, the average was $93.26 a barrel, while the low forecast was $50 a barrel and the high forecast was $200 a barrel. Executives from 138 oil and gas companies answered the question in the 1Q survey.
The price of WTI during the 3Q, 2Q, and 1Q surveys was $85.49 per barrel, $119.56 per barrel, and $103.07 per barrel, respectively.
“Optimism waned somewhat this quarter as the Business Outlook Index posted a ninth consecutive positive reading, but fell 33 points to 33.1,” the Fed’s latest energy survey noted. from Dallas.
“The overall Outlook Uncertainty Index rose from 12.4 to 35.7, suggesting that uncertainty has become much more pronounced this quarter, particularly among E&P companies. The Uncertainty Index was of 17.8 for service companies compared to 45.2 for E&P companies, with 53% of E&P companies reporting an increase in uncertainty,” the survey adds.
As of this writing, the price of WTI stands at $81.57 per barrel. The commodity started the year below $80 a barrel, closed above $120 a barrel several times between March and June, then steadily fell to around $80 a barrel.
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