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Forecast

August 31, 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 31, 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

 

 

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

 

 

Canadian Light Sweet to WTI (USD/bbl)

WCS to WTI                (USD/bbl)

 

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.