[Editor’s note: This report is an excerpt from the Stratas Advisors weekly Short-Term Outlook service analysis, which covers a period of eight quarters and provides monthly forecasts for crude oil, natural gas, NGL, refined products, base petrochemicals and biofuels.]

The price of Brent crude oil closed last week at $51.80, which was up slightly from the previous week’s close of $51.29. The price movement aligned with our expectations that oil prices would hold up—even with the ongoing concerns about COVID-19 and the impact on oil demand. These concerns were outweighed by the passage of another stimulus/recovery package that was signed by President Trump on Dec. 27, 2020. The price of WTI closed the week at $48.52 after closing the prior week at $48.30.

What Is Affecting Oil Prices the Week of January 4, 2021? Infographic

About the Author:

John E. Paise, president of Stratas Advisors, is responsible for managing the research and consulting business worldwide. Prior to joining Stratas Advisors, Paisie was a partner with PFC Energy, a strategic consultancy based in Washington, D.C., where he led a global practice focused on helping clients (including IOCs, NOC, independent oil companies and governments) to understand the future market environment and competitive landscape, set an appropriate strategic direction and implement strategic initiatives. He worked more than eight years with IBM Consulting (formerly PriceWaterhouseCoopers, PwC Consulting) as an associate partner in the strategic change practice focused on the energy sector while residing in Houston, Singapore, Beijing and London.