Forecast
August 30, 2018
Every month, Sproule prepares commodity price forecasts for the oil and gas market. The forecast reflects Sproule’s short and long-term views of key global and regional oil and gas commodity price markers and relies on Sproule’s proprietary models, analysis and insights.
August 30, 2018
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Disclaimer: Prices and forecasts are subject to change at the discretion of Sproule. Read More ›
Changes to the July 31, 2018 Forecast
Sproule has adjusted its August 31, 2018 price forecast as outlined below:
WTI and Brent Crude
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|
WTI (USD/bbl) |
Brent (USD/bbl) |
||
|
|
July 31, 2018 Forecast |
August 31, 2018 Forecast |
July 31, 2018 Forecast |
August 31, 2018 Forecast |
|
2018 |
67.00 |
68.00 |
72.00 |
74.00 |
Sproule has adjusted our 2018 Brent and WTI forecasts to 74USD/bbl and 68USD/bbl respectively. We expect a tightened supply-demand picture combined with increased geopolitical uncertainty, particularly around supply from Venezuela and Iran, will support pricing for the remainder of the year.
Canadian Light Sweet and Canadian Heavy Differentials to WTI
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|
Canadian Light Sweet to WTI (USD/bbl) |
WCS to WTI (USD/bbl) |
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|
|
July 31, 2018 Forecast |
August 31, 2018 Forecast |
July 31, 2018 Forecast |
August 31, 2018 Forecast |
|
2018 |
5.36 |
6.12 |
-22.00 |
-20.35 |
|
2019 |
3.90 |
5.20 |
-16.12 |
-17.16 |
|
2020 |
3.50 |
4.20 |
-14.81 |
-15.39 |
|
2021 |
2.92 |
3.65 |
-14.83 |
-15.44 |
|
2022 |
2.98 |
2.98 |
-15.13 |
-15.13 |
Considering the recent decision delay to the Trans Mountain pipeline project, Sproule has widened our long-term outlook for Canadian crude oil differentials to WTI. Lack of pipeline capacity will continue to force producers to move their barrels by the costlier alternative to pipelines, rail.
Reference Links:
Canada (Corporate Head Office)
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Calgary, AB, Canada T2P 3N3
Netherlands
The Hague, Netherlands