# Crude oil prices expected to increase slightly through 2017 and 2018

> The EIA's January Short-Term Energy Outlook forecasts Brent averaging $53/b and WTI $52/b in 2017, rising to $56/b and $55/b in 2018. The agency cites strong demand and the OPEC agreement as upward pressures, offset by rising non-OPEC production.

- Date: 2017-02-01 · published 2017-02-01T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/73137-crude-oil-prices-expected-to-increase-slightly-through-2017-and-2018
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The forecast implies modestly higher crude and energy costs through 2018, which feeds into diesel and natural gas costs for grain drying and feed milling. The forecast range is wide, so the price path remains uncertain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.2% | -1.6% |
| WTI | 2017-07-01 | [Global oil markets expected to tighten in third quarter 2017, then loosen through 2018](https://feedsoft.ai/events/70655-global-oil-markets-expected-to-tighten-in-third-quarter-2017-then-loosen.md) | -3.5% | +9.1% |
| WTI | 2017-01-31 | [US retail diesel prices expected to increase - Texas & Southwestern Cattle Raisers Association](https://feedsoft.ai/events/73159-us-retail-diesel-prices-expected-to-increase-texas-and-southwestern-cattle.md) | +0.7% | +2.6% |
| WTI | 2022-06-28 | [US soyabean oil prices rise due to tight supply and surging energy…](https://feedsoft.ai/events/41032-us-soyabean-oil-prices-rise-due-to-tight-supply-and-surging-energy.md) | -9.0% | -12.6% |
| WTI | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +10.1% | +9.3% |
| BRENT | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.6% | -0.6% |
| BRENT | 2017-07-01 | [Global oil markets expected to tighten in third quarter 2017, then loosen through 2018](https://feedsoft.ai/events/70655-global-oil-markets-expected-to-tighten-in-third-quarter-2017-then-loosen.md) | -1.9% | +10.0% |
| BRENT | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +7.7% | +7.6% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=29532

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.