U.S. Energy Information Administration logo
‹ Analysis & Projections

Short-Term Energy Outlook

Release Date: November 6, 2018  |  Next Release Date: December 11, 2018  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • Brent crude oil spot prices averaged $81 per barrel (b) in October, up $2/b from September. Despite the increase in monthly average prices, Brent spot prices declined from $85/b on October 1 to $75/b on October 31.
  • EIA expects Brent spot prices will average $72 in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about $7/b lower than Brent prices next year. NYMEX WTI futures and options contract values for February 2019 delivery that traded during the five-day period ending November 1, 2018, suggest a range of $53/b to $83/b encompasses the market expectation for February WTI prices at the 95% confidence level.
  • U.S. regular gasoline retail prices averaged $2.86 per gallon (gal) in October, an increase of 2 cents/gal from the average in September, marking the sixth consecutive month that U.S. prices averaged between $2.85/gal and $2.90/gal. EIA forecasts the average U.S. regular gasoline retail price will fall to $2.57/gal in December 2018. EIA forecasts that regular gasoline retail prices will average $2.75/gal in 2018 and in 2019.
  • Despite low storage levels, EIA expects strong growth in U.S. natural gas production to put downward pressure on prices in 2019. EIA expects Henry Hub natural gas spot prices to average $2.98/million British thermal units (MMBtu) in 2019, down 4 cents from the 2018 average and down from a forecast average price of $3.25/MMBtu in the fourth quarter of 2018. NYMEX futures and options contract values for February 2019 delivery traded during the five-day period ending November 1, 2018, suggest a range of $2.06/MMBtu to $4.94/MMBtu encompasses the market expectation for February 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)
43.3350.7966.7964.85
Brent Crude Oil
(dollars per barrel)
43.7454.1573.1271.92
Gasolineb
(dollars testper gallon)
2.152.422.752.75
Dieselc
(dollars per gallon)
2.312.653.193.21
Heating Oild
(dollars per gallon)
2.102.513.033.08
Natural Gasd
(dollars per thousand cubic feet)
10.0410.8610.7610.91
Electricityd
(cents per kilowatthour)
12.5512.8912.9313.32
Coale
(dollars per million Btu)
2.112.062.082.10

Interactive Data Viewers

Provides custom data views of historical and forecast data

STEO Data browser ›
Real Prices Viewer ›

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
Related Articles    
Today In Energy Daily
What Drives Crude Oil Prices? Monthly
2018-2019 Winter Fuels Outlook Oct-2018 PDF
2018 Summer Fuels Outlook Oct-2018 PDF
2017-2018 Winter Fuels Outlook Oct-2017 PDF
Weather Sensitivity in Natural Gas Markets Oct-2014 PDF
2014 Outlook for Gulf of Mexico Hurricane-Related Production Outages Jun-2014 PDF
Summer 2013 Outlook for Residential Electric Bills Jun-2013 PDF
Constraints in New England likely to affect regional energy prices this winter Jan-2013 PDF
Brent Crude Oil Spot Price Forecast Jul-2012 PDF
Crude Oil Price Formation Slideshow May-2011 PDF
Probabilities of Possible Future Prices Apr-2010 PDF
Energy Price Volatility and Forecast Uncertainty Oct-2009 PDF
The Implications of Lower Natural Gas Prices for Electric Generators in the Southeast May-2009 PDF