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Canadian oil prices expected to grow slightly: Deloitte

Production cuts by members of the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC countries are expected to provide a short-term boost to world oil prices, but the effects will be offset to some extent by increases in production in Canada and the United States, Deloitte’s Resource Evaluation and Advisory (REA) predicts.

The following are the highlights of the Deloitte’s report (January 4, 2017):

  • The long-term forecast for oil prices remains unchanged, at US$75 a barrel for West Texas Intermediate (WTI), while prices should reach US$55 a barrel this year and US$57 in 2018.
  • Canadian oil – an average price is expected for WCS of $53 per barrel and $54 in 2018, while prices for Edmonton Light are expected to be $69 this year and $70 in 2018.
  • Natural gas prices are expected to slip back somewhat due to storage levels that remain at near all-time highs and continuing strong supplies despite the recent low-price environment. Natural gas prices are expected hover around US$3.30/Mcf for Henry Hub and US$3.25/Mcf for AECO in 2017, with those prices expected to stay steady in 2018 before slowly increasing in 2019 and beyond.

For more information click HERE.

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About CIJnews Staff

CIJnews Staff
CIJnews is an independent, dynamic and reliable online news source that serves the Canadian Jewish and Israeli communities and provides an uncensored platform for the spectrum of voices.

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