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Short-Term Energy Outlook

Release Date: August 11, 2020  |  Next Release Date: September 9, 2020  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Prices

  • Daily Brent crude oil spot prices averaged $43 per barrel (b) in July, up $3/b from the average in June and up $25/b from the multiyear low monthly average price in April. EIA expects monthly Brent spot prices will average $43/b during the second half of 2020 and rise to an average of $50/b in 2021.
  • U.S. regular gasoline retail prices averaged $2.18 per gallon (gal) in July, an increase of 10 cents/gal from the average in June but 56 cents/gal lower than at the same time last year. EIA expects that gasoline prices will gradually decrease through the rest of the summer to reach an average of $2.04/gal in September before falling to an average of $1.99/gal in the fourth quarter. Forecast U.S. regular gasoline retail prices will average $2.23/gal in 2021, compared with an average of $2.12/gal in 2020.
  • In July, the Henry Hub natural gas spot price averaged $1.77 per million British thermal units (MMBtu). EIA expects natural gas prices will generally rise through the end of 2021 but the sharpest increases will be during this fall and winter when they rise from an average of $2.11/MMBtu in September to $3.14/MMBtu in February. EIA expects that rising demand heading into winter, combined with reduced production, will cause upward price pressures. EIA forecasts that Henry Hub natural gas spot prices will average $2.03/MMBtu in 2020 and $3.14/MMBtu in 2021.

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 prices

Prices
  2018201920202021
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)
65.0657.0238.5045.53
Brent Crude Oil
(dollars per barrel)
71.1964.3741.4249.53
Gasolineb
(dollars testper gallon)
2.732.602.122.23
Dieselc
(dollars per gallon)
3.183.062.542.57
Heating Oild
(dollars per gallon)
3.013.002.462.57
Natural Gasd
(dollars per thousand cubic feet)
10.4610.5610.4410.71
Electricityd
(cents per kilowatthour)
12.8713.0413.0413.39
Coale
(dollars per million Btu)
2.062.021.972.03

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Related Tables
Table SF02. Average Summer Residential Electricity Usage, Prices and Expenditures PDF
Table SF01. U.S. Motor Gasoline Summer Outlook 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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