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Posted January 16, 2019 Today in Energy

EIA forecasts world crude oil prices to rise gradually, averaging $65 per barrel in 2020 ›

EIA’s January Short-Term Energy Outlook forecasts that world benchmark Brent crude oil will average $61 per barrel (b) in 2019 and $65/b in 2020, an increase from the end of 2018, but overall it will remain lower than the 2018 average of $71/b. U.S. benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent prices in December 2018, and EIA expects this difference to narrow to $4/b in the fourth quarter of 2019 and throughout 2020. More

monthly Brent and WTI crude prices

Source: EIA, Short-Term Energy Outlook, January 2019

Data Highlights

WTI crude oil futures price

1/15/2019: $52.11/barrel

up$2.33 from week earlier
down$12.19 from year earlier

Natural gas futures price

1/15/2019: $3.501/MMBtu

up$0.534 from week earlier
up$0.301 from year earlier

Retail heating oil price

1/14/2019: $3.134/gal

up$0.042 from week earlier
down$-0.08 from year earlier

Crude oil inventories

1/11/2019: 437.1 million barrels

down2.7 million barrels from week earlier
up24.4 million barrels from year earlier

Weekly coal production

1/5/2019: 11.943 million tons

up0.590 million tons from week earlier
up0.087 million tons from year earlier