Annually, the EIA believes gasoline prices will average $3.39 per gallon in 2014; slightly less than the expected $3.50 average in 2013. US gasoline consumption is also expected to fall 0.4% next year, as more and more consumers switch to more fuel efficient vehicles.
WTI Vs. Brent Crude Spread Expected to Shrink
According to the November report, the EIA expects the spread between the spot price of West Texas Intermediate (WTI) crude oil to Brent to continue shrinking in 2014. For the fourth quarter, the EIA expects WTI crude oil prices to average $97 per barrel; analysts also expect the discount of WTI crude to Brent to be $10 per barrel during the last quarter.
In 2014, WTI crude prices are forecasted to average $95 per barrel. The WTI discount to Brent is expected to be only $8 per barrel next year. North Sea Brent Crude is forecasted to decline gradually, averaging $106 per barrel in December and $103 per barrel in 2014.
WTI Vs. Brent Crude Spread Expected to Shrink
According to the November report, the EIA expects the spread between the spot price of West Texas Intermediate (WTI) crude oil to Brent to continue shrinking in 2014. For the fourth quarter, the EIA expects WTI crude oil prices to average $97 per barrel; analysts also expect the discount of WTI crude to Brent to be $10 per barrel during the last quarter.
In 2014, WTI crude prices are forecasted to average $95 per barrel. The WTI discount to Brent is expected to be only $8 per barrel next year. North Sea Brent Crude is forecasted to decline gradually, averaging $106 per barrel in December and $103 per barrel in 2014.
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