It\’s the end of the year, and that means it\’s time to review my oil and gas price forecast for 2013, look into my crystal ball, and foretell prices for 2014.

Reviewing my 2013 forecast

At the end of 2012, I forecast that Brent Crude (the London benchmark price, which serves as a global proxy for oil prices) would average $105 per barrel (bbl) in 2013, and that West Texas Intermediate (WTI), the North American benchmark, would average $90 to 95/bbl.

In the spring, gas prices shook off 20 straight months of unprofitably low levels and shot over $4 per million British thermal units (MMBtu). Accordingly, I updated my gas call in May to $4.50/MMBtu by the end of the year, and left my oil price calls unchanged.

With no articles on my publishing schedule until late January, this seems a good time to run the numbers.

via Oil and gas price forecast for 2014 – SmartPlanet.