Published on 29 May 2024 on Zacks via Yahoo Finance
3 Energy Companies With Rock-Solid Balance Sheet to Watch
Once again, the price of West Texas Intermediate (WTI) crude oil has surpassed the $80 per barrel threshold and is likely to remain robust this year. According to projections by the U.S. Energy Information Administration (“EIA”), WTI oil is expected to average $83.05 per barrel in 2024, a notable increase from last year's $77.58. Contributing to the strength of commodity prices are voluntary production cuts from the OPEC+ group and ongoing geopolitical tensions.
While crude prices remain favorable, the likelihood of the commodity reaching $100 per barrel, as seen in 2022, is extremely slim. Additionally, the EIA foresees no growth in GDP this year, with a projected downturn in the following year, consequently dampening energy demand.
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