Executives from oil and gas firms have revealed where they expect the West Texas Intermediate (WTI) crude oil price to be at various points in the future in the fourth quarter Dallas Fed Energy Survey, which was released recently.
The survey asked participants what they expect WTI prices to be in six months, one year, two years, and five years. Executives from 116 oil and gas firms answered this question and gave a mean response of $59 per barrel for the six month mark, $63 per barrel for the year mark, $69 per barrel for the two year mark, and $75 per barrel for the five year mark, the survey showed.
Executives from 127 oil and gas firms answered this question in the third quarter Dallas Fed Energy Survey and gave a mean response of $63 per barrel for the six month mark, $64 per barrel for the year mark, $69 per barrel for the two year mark, and $77 per barrel for the five year mark, that survey showed.
The latest survey also asked participants what they expect the WTI crude oil price to be at the end of 2026. Executives from 128 oil and gas firms answered this question and gave an average response of $62.41 per barrel, the survey highlighted. The low forecast was $50 per barrel, the high forecast was $82.30 per barrel, and the average daily spot price during the survey was $59.00 per barrel, the survey pointed out.
The fourth quarter Dallas Fed Energy Survey was the first Dallas Fed Energy Survey which asked participants what they expect the WTI crude oil price to be at the end of 2026. The previous Dallas Fed Energy Survey asked participants what they expect the WTI crude oil price to be at the end of 2025.
Executives from 136 oil and gas firms answered this question in the third quarter survey and gave an average response of $63.06 per barrel, that survey highlighted. The low forecast was $50 per barrel, the high forecast was $80 per barrel, and the average daily spot price during that survey was $63.80 per barrel, the third quarter Dallas Fed Energy Survey pointed out.
Capital Planning
The fourth quarter Dallas Fed Energy Survey also asked participants what WTI crude oil price their firm is using for capital planning in 2026. Executives from 119 oil and gas firms answered this question and gave an average response of $59 per barrel, the survey showed.
The fourth quarter 2024 Dallas Fed Energy Survey asked participants what WTI crude oil price their firm was using for capital planning in 2025. Executives from 129 oil and gas firms answered this question and gave an average response of $68 per barrel, that survey showed.
More WTI Projections
In its latest short term energy outlook (STEO), which was released on December 9, the U.S. Energy Information Administration (EIA) projected that the WTI spot price will average $65.32 per barrel in 2025 and $51.42 per barrel in 2026. A quarterly breakdown included in that STEO projected that the WTI spot price will come in at $59.31 per barrel in the fourth quarter of 2025, $50.93 per barrel in the first quarter of 2026, $50.68 per barrel in the second quarter, and $52.00 per barrel across the third and fourth quarters of next year.
A BofA Global Research report sent to Rigzone on December 18 projected that the WTI crude oil price will average $57 per barrel in 2026 and $65 per barrel in 2025.
In a J.P. Morgan report sent to Rigzone by the JPM Commodities Research team on December 12, J.P. Morgan projected that the WTI crude price will average $65 per barrel overall in 2025 and $54 per barrel overall in 2026.
In a report dated December 10, which was sent to Rigzone recently by the Standard Chartered team, Standard Chartered projected that the NYMEX WTI basis nearby future crude oil price will average $65.40 per barrel this year and $59.90 per barrel next year.
Macquarie projected, in a report sent to Rigzone by the Macquarie team on December 5, that the WTI price will come in at $64.89 per barrel overall in 2025 and $57.25 per barrel overall in 2026.
To contact the author, email andreas.exarheas@rigzone.com
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