Reposted from SmartPlanet:
Whither the world of energy prices during the next 12 months? Energy analyst Chris Nelder grades his 2013 oil and gas price forecast, and gazes into the crystal ball for his 2014 predictions.
It’s the end of the year, and that means it’s time to review my oil and gas price forecast for 2013, look into my crystal ball, and foretell prices for 2014.
Reviewing my 2013 forecast
At the end of 2012, I forecast that Brent Crude (the London benchmark price, which serves as a global proxy for oil prices) would average $105 per barrel (bbl) in 2013, and that West Texas Intermediate (WTI), the North American benchmark, would average $90 to 95/bbl.
In the spring, gas prices shook off 20 straight months of unprofitably low levels and shot over $4 per million British thermal units (MMBtu). Accordingly, I updated my gas call in May to $4.50/MMBtu by the end of the year, and left my oil price calls unchanged.
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