‹ Analysis & Projections

Short-Term Energy Outlook

Release Date: December 12, 2017  |  Next Release Date: January 9, 2018  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017.
  • West Texas Intermediate (WTI) crude oil prices are forecast to average $4/b lower than Brent prices in 2018. After averaging $2/b lower than Brent prices through the first eight months of 2017, WTI prices averaged $6/b lower than Brent prices from September through November.
  • U.S. regular gasoline retail prices averaged $2.56 per gallon (gal) in November, an increase of nearly 6 cents/gal from the average in October. The increase in November primarily reflected increasing crude oil prices. EIA forecasts the U.S. regular gasoline retail price will average $2.59/gal in December, 34 cents/gal higher than at the same time last year. EIA forecasts that U.S. regular gasoline retail prices will average $2.51/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 50.56 52.77
Brent Crude Oil
(dollars per barrel)
52.32 43.74 53.88 57.26
Gasolineb
(dollars testper gallon)
2.43 2.15 2.43 2.51
Dieselc
(dollars per gallon)
2.71 2.31 2.66 2.89
Heating Oild
(dollars per gallon)
2.65 2.10 2.52 2.77
Natural Gasd
(dollars per thousand cubic feet)
10.36 10.04 11.13 10.92
Electricityd
(cents per kilowatthour)
12.65 12.55 12.89 13.23
Coale
(dollars per million Btu)
2.23 2.11 2.12 2.20

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