EIA Increases 2014 WTI Price Forecast to $95.60 a Barrel
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The U.S. increased its price forecast for West Texas Intermediate crude for 2014 amid falling inventories at Cushing, Oklahoma. It reduced the estimate for Brent, lowering its premium to WTI.
WTI will average $95.60 a barrel this year, the Energy Information Administration said in its monthly Short-Term Energy Outlook. That’s up from March’s estimate of $95.33. Brent, the North Sea-based grade, will reach $104.88, down from last month’s $104.92. Brent’s average premium to WTI would be $9.28 in 2014, down from $9.59.