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Short-Term Energy Outlook

Release Date: February 7, 2017  |  Next Release Date: March 7, 2017  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • U.S. crude oil production averaged an estimated 8.9 million b/d in 2016. U.S crude oil production is forecast to average 9.0 million b/d in 2017 and 9.5 million b/d in 2018.
  • Benchmark North Sea Brent crude oil spot prices averaged $55/barrel (b) in January, a $1/b increase from December. This price was $24/b higher than the January 2016 average, and it was the highest monthly average for Brent spot prices since July 2015.
  • EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The NYMEX contract values for April 2017 delivery traded during the five-day period ending February 2 suggest that a range from $45/b to $65/b encompasses the market expectation of WTI prices in April 2017 at the 95% confidence level.
  • U.S. regular gasoline retail prices are expected to decrease from an average of $2.35/gallon (gal) in January 2017 to an average of $2.27/gal in February and then rise to $2.33/gal in March. U.S. regular gasoline retail prices are forecast to average $2.39/gal in 2017 and $2.44/gal in 2018.
Prices
  2015 2016 2017 2018
a West Texas Intermediate.
b Average regular pump price.
c On-highway retail.
d U.S. Residential average.
e Electric power generation fuel cost.
WTI Crude Oila
(dollars per barrel)
48.67 43.33 53.46 56.18
Brent Crude Oil
(dollars per barrel)
52.32 43.74 54.54 57.18
Gasolineb
(dollars per gallon)
2.43 2.15 2.39 2.44
Dieselc
(dollars per gallon)
2.71 2.31 2.72 2.85
Heating Oild
(dollars per gallon)
2.65 2.10 2.61 2.75
Natural Gasd
(dollars per thousand cubic feet)
10.36 10.19 11.21 11.37
Electricityd
(cents per kilowatthour)
12.65 12.55 12.93 13.24
Coale
(dollars per million Btu)
2.23 2.13 2.17 2.21

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