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Short-Term Energy Outlook

Release Date: September 11, 2018  |  Next Release Date: October 10, 2018  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • Brent crude oil spot prices averaged $73 per barrel (b) in August, down almost $2 from July. EIA expects Brent spot prices will average $73/b in 2018 and $74/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019. NYMEX WTI futures and options contract values for December 2018 delivery that traded during the five-day period ending September 6, 2018, suggest a range of $56/b to $85/b encompasses the market expectation for December WTI prices at the 95% confidence level.
  • EIA forecasts total global liquid fuels inventories to decrease by 0.4 million b/d in 2018 compared with 2017, followed by an increase of 0.1 million b/d in 2019. This outlook of relatively stable inventory levels during the forecast period contributes to a forecast of monthly average Brent crude oil prices remaining relatively stable, between $72/b and $76/b, from September 2018 through the end of 2019.
  • EIA expects Henry Hub natural gas spot prices to average $2.99/million British thermal units (MMBtu) in 2018 and $3.12/MMBtu in 2019. NYMEX futures and options contract values for December 2018 delivery that traded during the five-day period ending September 6, 2018, suggest a range of $2.31/MMBtu to $3.77/MMBtu encompasses the market expectation for December Henry Hub natural gas prices at the 95% confidence level.

West Texas Intermediate (WTI) crude oil price

U.S. gasoline and crude oil prices

U.S. diesel fuel and crude oil prices

Henry Hub natural gas price

U.S. natural gas prices

U.S. residential electricity price

Prices
  2016201720182019
aWest Texas Intermediate.
bAverage regular pump price.
cOn-highway retail.
dU.S. Residential average.
eElectric power generation fuel cost.
WTI Crude Oila
(dollars per barrel)
43.3350.7967.0367.36
Brent Crude Oil
(dollars per barrel)
43.7454.1572.8473.68
Gasolineb
(dollars testper gallon)
2.152.422.762.82
Dieselc
(dollars per gallon)
2.312.653.173.18
Heating Oild
(dollars per gallon)
2.102.512.993.12
Natural Gasd
(dollars per thousand cubic feet)
10.0410.9210.6710.82
Electricityd
(cents per kilowatthour)
12.5512.9012.9713.33
Coale
(dollars per million Btu)
2.112.082.092.10

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Related Tables
Table SF01. U.S. Motor Gasoline Summer Outlook PDF
Table SF02. Average Summer Residential Electricity Usage, Prices and Expenditures PDF
Table 1. U.S. Energy Markets Summary PDF
Table 2. Energy Prices PDF
Table 4c. U.S. Regional Motor Gasoline Prices and Inventories PDF
Table 5b. U.S. Regional Natural Gas Prices PDF
Table 7c. U.S. Regional Retail Electricity Prices PDF
Related Figures
West Texas Intermediate (WTI) crude oil price XLSX PNG
U.S. gasoline and crude oil prices XLSX PNG
U.S. diesel fuel and crude oil prices XLSX PNG
Henry Hub natural gas price XLSX PNG
U.S. natural gas prices XLSX PNG
U.S. residential electricity price XLSX PNG
U.S. census regions and census divisions XLSX PNG
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