Natural Gas Price Forecast – Natural Gas Markets Plunge

Reuters

Oil bound for gains as OPEC+ guards supply, but virus threat looms

Oil prices will stay elevated into next year as OPEC+ keeps a tight leash on supply despite U.S.-led strategic crude releases, a Reuters poll showed on Tuesday, but a COVID-19 resurgence fuelled by the Omicron variant could loom large over the outlook. A survey of 39 economists and analysts – kicked off before Omicron grabbed headlines– forecast Brent crude to average $71.25 a barrel in 2021, up from the $70.89 consensus in October and the $70.57 average this year. “We expect that OPEC+ will remain cautious in adding barrels, but does not want oil prices to move past $80 for any sustained period of time,” said John Paisie, president of Stratas Advisors.