World News
EIA Sees Brent Crude at Average $95/bl in 2023
Wednesday November 9, 2022
The US Energy Information Administration (EIA) has raised its forecast for average Brent crude prices next year.
The EIA now forecasts Brent to average at $102.13/bl this year and $95.33/bl next year, it said in its Short-Term Energy Outlook report this week. In last month's report its 2023 price forecast was $94.58/bl.
In 2022 global average VLSFO prices have been at an average premium to Brent futures of $93/mt, according to Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering locations.
Applying that premium to the EIA's new 2023 Brent forecast would put average global VLSFO prices next year at about $811/mt.
The EIA forecasts OPEC crude oil production to average at 28.9 million b/d next year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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