Oil Price - Feb 28

[dan_s]

My forecast models at the beginning of the year were based on the assumption that WTI would average $45/bbl in Q1 2019 and rise $5/bbl per quarter to average $60/bbl in Q4 2019. Raymond James forecast at the beginning of the year was that WTI would average $52/bbl in Q1 and rise to $75/bbl by Q4.

Bloomberg on February 27, 2019 after the markets closed: Oil surges most in a month as U.S. sees steep drop in imports

"Oil prices jumped by the most in almost a month after a plunge in U.S. stockpiles showed OPEC and its allies tightening global supplies despite President Donald Trump's protests. Futures in New York rose 2.6 percent Wednesday after the Energy Information Administration said oil imports to the U.S. hit a two-decade low, with shipments from Saudi Arabia the lowest in weekly data since 2010. Overall, domestic oil inventories slid by 8.65 million barrels last week, twice the decline foreseen in a bullish industry report a day earlier. The U.S. imported 5.92 million barrels of crude last week, the lowest level since 1996, the EIA said. The decline in foreign shipments and increase in demand for refined products overshadowed American shale oil production that hit yet another weekly record."

WTI closed at $56.94/bbl on February 27th

Bloomberg article: https://www.mrt.com/business/energy/art ... 648513.php

Raymond James is now forecasting that WTI will average $90/bbl in Q1 2020.