West Texas Intermediate (WTI) crude oil will remain elevated this year and next. We forecast it to average $97.6 in 2022 and $88.6 in 2023.
The price differential between Canadian heavy crude and the WTI has widened in recent months due to production issues and major petroleum strategic releases in the United States. As these releases stop, we expect the discount to shrink during the first half of 2023.
GDP in the oil and gas sector rebounded during the second quarter, and we forecast production increasing at steady pace during the rest of the year.
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