WTI Crude spot prices are expected to average $50.21 per barrel this year and $51.56 next year, the Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook (STEO) for February, raising its average price forecast for both WTI and Brent. In the January outlook , the EIA hadn’t expected WTI Crude spot prices to average above $50 per barrel either this year or next year. EIA’s call early last month was for an average $49.70 WTI spot price in 2021 and $49.81 per barrel price in 2022. For Brent Crude prices, the EIA now sees the average spot price at $53.20 a barrel this year and at $55.19 per barrel next year. These projections are higher than in the January outlook, which had forecast Brent to average $52.70 this year and $53.44 in 2022. Despite the increased outlook for the average annual spot prices, the EIA expects […]