Dallas Fed Energy Survey: WTI Crude Oil Price to End 2024 at $72.66

SEATTLE (Oil Monster): Leading oil and gas company executives shared their predictions for WTI crude oil prices as part of the third quarter Dallas Fed Energy Survey.

Based on the replies of 134 executives from oil and gas companies, the average price of WTI crude oil is projected to be approximately $72.66 per barrel by the end of 2024. $55 per barrel was the lowest estimate, and $100 per barrel was the most. According to the mean response from 119 executives of oil and gas companies, the prices are projected to average at $73 per barrel and $76 per barrel in six months and a year, respectively. Additionally, they predict that in two and five years, respectively, the prices will average $81 and $87 a barrel.

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In the second quarter survey, the responses from 135 oil and gas firm executives had predicted average WTI crude oil prices at $78.66 per barrel. The lowest price came in at $62.50 per barrel, whereas the highest forecast stood at $100 per barrel.

Participants in the poll claim that the prices do not justify the long-term investments required to keep up sufficient supply during the energy transition. They anticipate that the current underinvestment will cause large inventory shortages in the medium run, which would cause a sharp increase in the commodity's price. They anticipate that future pricing will reflect the state of the global economy.