Short-Term Energy Outlook

U.S. Liquid Fuels

Brent crude oil spot prices averaged $74 per barrel (b) in July, largely unchanged from the average in June. EIA expects Brent spot prices will average $72/b in 2018 and $71/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 November 2018 delivery that traded during the five-day period ending August 2, 2018, suggest a range of $54/b to $84/b encompasses the market expectation for November WTI prices at the 95% confidence level.

U.S. regular gasoline retail prices averaged $2.85 gallon (gal) in July, down 4 cents/gal from the average in June. EIA expects that 2018 monthly average gasoline prices peaked in May and forecasts prices will remain relatively flat in the coming months, averaging $2.83/gal in September. EIA expects regular gasoline retail prices to average $2.76/gal in 2018 and in 2019.

EIA estimates that U.S. crude oil production averaged 10.8 million barrels per day (b/d) in July, up 47,000 b/d from June. EIA forecasts that U.S. crude oil production will average 10.7 million b/d in 2018, up from 9.4 million b/d in 2017, and will average 11.7 million b/d in 2019.

U.S. Petroleum and Other Liquids
	2016	2017	2018projected	2019projected
Crude Oil prices	(dollars per barrel)
WTI Spot Average	43.33	50.79	66.21	64.34
Brent Spot Average	43.74	54.15	71.74	70.58
Imported Average	38.70	48.98	62.21	60.68
Refiner Average Acquisition Cost	40.69	50.68	65.12	63.33
Retail prices including taxes	(dollars per gallon)
Regular Gasoline	2.15	2.42	2.76	2.76
Diesel Fuel	2.31	2.65	3.15	3.11
Heating Oil	2.10	2.51	2.97	3.05
Production	(million barrels per day)
Crude Oil	8.84	9.37	10.68	11.70
Natural Gas Plant Liquids	3.51	3.74	4.33	4.73
Fuel Ethanol	1.00	1.03	1.04	1.04
Biodiesel	0.102	0.104	0.130	0.144
Consumption	(million barrels per day)
Motor Gasoline	9.32	9.32	9.31	9.38
Distillate Fuel Oil	3.88	3.94	4.11	4.15
Hydrocarbon Gas Liquids	2.54	2.60	2.90	3.04
Jet Fuel	1.61	1.68	1.71	1.75
Total Consumption	19.69	19.88	20.35	20.64
Primary Assumptions	(percent change from previous year)
U.S. Real GDP Growth	1.5	2.3	3.0	2.5
Heating Degree Days	-5.1	-1.2	11.0	-1.5
Distillate-weighted Industrial Production	1.6	3.0	3.2	2.8

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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 4a. U.S. Petroleum and Other Liquids Supply, Consumption, and Inventories	PDF
Table 4b. U.S. Hydrocarbon Gas Liquids (HGL) and Petroleum Refinery Balances	PDF
Table 4c. U.S. Regional Motor Gasoline Prices and Inventories	PDF
Table 9a. U.S. Macroeconomic Indicators and CO₂ Emissions	PDF
Table 9b. U.S. Regional Macroeconomic Data	PDF
Table 9c. U.S. Regional Weather Data	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
U.S. crude oil production	XLSX	PNG
U.S. commercial crude oil stocks	XLSX	PNG
U.S. liquid fuels production growth	XLSX	PNG
U.S. liquid fuels product supplied growth	XLSX	PNG
U.S. gasoline and distillate inventories	XLSX	PNG
U.S. net trade of crude oil and liquid fuels	XLSX	PNG
U.S. natural gas plant liquids production	XLSX	PNG
U.S. hydrocarbon gas liquids consumption	XLSX	PNG
U.S. net trade of hydrocarbon gas liquids	XLSX	PNG
U.S. commercial propane inventories	XLSX	PNG
U.S. carbon dioxide emissions growth	XLSX	PNG
U.S. winter heating degree days	XLSX	PNG
U.S. census regions and census divisions	XLSX	PNG

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