American Oil and Gas Reporter - January 2015 - 67

Price Expectations
Are Driving Independents'
2015 Drilling Plans
By Bill Campbell
It has been said that money makes the world go round. In the oil

field, that translates to "price keeps rigs turning to the right."

The question going into 2015, of course, is where crude oil prices

will settle, and what effect that will have on U.S. drilling activity.

Opinions vary. In 2015 Commodities Outlook, which was released

Nov. 25, J.P. Morgan forecasts a West Texas Intermediate average price
of $77.25 a barrel in 2015 and $80.75 in 2016. On the lower end, the
U.S. Energy Information Administration, in its December 2014 Short-

Term Energy Outlook, projects the WTI spot price will average $62.75
a barrel for the year, starting at $60.33 in the first quarter and dipping

to $58.33 in the second quarter before rebounding to $65.00 a barrel in
the third quarter and $67.33 in the fourth quarter.

In between those two, San Francisco-based Wells Fargo predicts WTI

will average $75.25 a barrel this year, according to published reports,
while in its Nov. 25 Sector Comment, Moody's Investors Service

predicts WTI will average $75.00 a barrel in 2015 and $80.00 in 2016.
JANUARY 2015 67



American Oil and Gas Reporter - January 2015

Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2015

Contents
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