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Short-Term Energy Outlook

Release Date: May 7, 2019  |  Next Release Date: June 11, 2019  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • Brent crude oil spot prices averaged $71 per barrel (b) in April, up $5/b from March 2019 and just below the price in April of last year. EIA forecasts Brent spot prices will average $70/b in 2019 and $67/b in 2020, both about $5/b higher than in last month’s STEO, compared with an average of $71/b in 2018. EIA’s higher Brent crude oil price forecast reflects tighter expected global oil market balances in mid-2019 and increasing supply disruption risks globally.
  • For the 2019 summer driving season, which runs from April through September, EIA forecasts that U.S. regular gasoline retail prices will average $2.92 per gallon (gal), up from an average of $2.85/gal last summer. The higher forecast gasoline prices primarily reflect EIA’s expectation of higher gasoline refining margins this summer, despite slightly lower crude oil prices.
  • The Henry Hub natural gas spot price averaged $2.64/million British thermal units (MMBtu) in April, down 31 cents/MMBtu from March. Prices fell as a result of warmer-than-normal temperatures across much of the United States, which reduced the use of natural gas for space heating and contributed to above-average inventory injections during the month. EIA expects strong growth in U.S. natural gas production to put downward pressure on prices in 2019 and in 2020. EIA expects Henry Hub natural gas spot prices will average $2.79/MMBtu in 2019, down 36 cents/MMBtu from 2018. The forecasted 2020 average Henry Hub spot price is $2.78/MMBtu.

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
  2017201820192020
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)
50.7965.0662.7963.00
Brent Crude Oil
(dollars per barrel)
54.1571.1969.6467.00
Gasolineb
(dollars testper gallon)
2.422.732.742.75
Dieselc
(dollars per gallon)
2.653.183.183.29
Heating Oild
(dollars per gallon)
2.513.013.033.14
Natural Gasd
(dollars per thousand cubic feet)
10.8610.4910.5810.93
Electricityd
(cents per kilowatthour)
12.8912.8913.1113.27
Coale
(dollars per million Btu)
2.062.062.122.12

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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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