The 2025 oil price forecast released this week integrates El Niño-linked weather disruptions, which could support stronger-than-expected heating oil and jet fuel demand into Q According to its latest short term energy outlook, which was released on September 9, the U.S. Energy Information Administration (EIA) expects the Brent spot price to average $67.80 per barrel in 2025 and $51.43 per barrel in 2026. The EIA forecast in its latest STEO that the WTI spot price will average $64.16 per barrel in 2025 and $47.77 per barrel in 2026. SIGNAL HILL, CA - MARCH 5: Pumps draw petroleum from oil wells through the night as the cost of crude oil tops $104 per barrel in its surge to new record high prices March 5, 2008 in Signal Hill, California. The cost of crude has California drivers paying more than ever. Statewide gas prices are now 58 cents a gallon higher than the same time last year. (Photo by David McNew/Getty Images) For equity investors, the 2025 oil price forecast offers a thematic trade: overweight upstream and midstream players, while underweight refiners if crude outpaces refined product spreads.
