eia oil price forecast

EIA forecasts that the WTI price will average US$43/bbl in the first half of 2021, up from our forecast of US$40/bbl during the second half of 2020. Regional energy information including dashboards, maps, data, and analyses. Oil Price Fundamental Daily Forecast – Light Volume Caps Gains, but Supported by EIA Draw, Brexit Hopes. EIA expects that total U.S. consumption of natural gas will average 83.4 billion cubic feet per day (Bcf/d) in 2020, down 2.0% from 2019. EIA expects Henry Hub spot prices to reach a monthly average of $3.10/MMBtu in January 2021, which is down from the forecast January average price of $3.42/MMBtu in last month's STEO. The US crude oil production forecast reflects EIA’s expectations that annual global petroleum demand will not recover to pre-pandemic levels (101.5 million bpd in 2019) through at least 2021. The primary drivers of this increase are forecasts of colder-than-normal winter weather in Northern Asia and Europe and coal plant closures in South Korea that could increase demand for natural gas for power generation. At 11:05 GMT, December WTI crude oil is trading $40.23, up $0.14 or +0.35% and December Brent crude oil is at $42.39, up $0.20 or +0.47%. EIA estimates that the United States exported 9.4 Bcf/d of LNG in November—the most for any month on record. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, U.S. Oil and Natural Gas Wells by Production Rate, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Macroeconomics and Carbon Dioxide Emissions, Table 4c. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels in the week versus expectations for a 917,000-barrel drop, the EIA data showed. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. The EIA, which delayed the report's release by a day to better assess the market, pegged its 2020 WTI oil price forecast at $38.19 a barrel, down 31% from its previous view. The first quarter 2021 average is $5/b more than forecast in last month's STEO, and the fourth quarter average is $1/b more. OPEC+ announced it will increase its production target by 0.5 million b/d in January 2021. The increase mostly reflects greater production in the U.S. Federal Gulf of Mexico after hurricane-related disruptions. U.S. crude oil production averaged an estimated 11.2 million b/d in November, up from 10.9 million b/d in September. Regional Natural Gas Prices, Table 7c. Distillate stockpiles, which include diesel and heating oil, rose by 167,000 barrels in the week to 151.3 million barrels, versus expectations for an 886,000-barrel rise, the EIA data showed. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Energy use in homes, commercial buildings, manufacturing, and transportation. In the forecast, monthly average production falls from a record 97.0 Bcf/d in December 2019 to 87.1 Bcf/d in April 2021 before increasing slightly. EIA expects that U.S. crude oil production will decline to less than 11.0 million b/d in March 2021 mostly because of falling production in the Lower 48 states, where EIA expects declining production rates at existing wells will outpace production from newly drilled wells in the coming months. Greenhouse gas data, voluntary reporting, electric power plant emissions.    |   The EIA expects the global benchmark price to fall to $33.04/bbl in 2020, down 23.7% from the prior forecast, before climbing to $45.62/bbl in 2021, down 17.6% from the prior forecast. The nuclear share of U.S. generation remains close to 20% through the forecast period. All Figures, Provides custom data views of historical and forecast data Price: The EIA lowered its 2020 view on WTI crude — the U.S. benchmark — by 23 cents to $38.76 a barrel, and pulled back its price forecast for next year by 35 cents to $44.72 a barrel. EIA forecasts residential sector retail sales will rise by 1.5% in 2020. Weekly American Petroleum Institute Weekly Inventories Report Oil Price Fundamental Daily Forecast – Prices Hit 9-Month High on EIA Draw, Vaccine Rollout, Fiscal Stimulus The price action indicates investors are … Lesson plans, science fair experiments, field trips, teacher guide, and career corner. The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production. In 2020, EIA expects U.S. residential electricity prices to average 13.1 cents per kilowatthour, which is 0.8% higher than the average electricity price in 2019. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Brent crude oil spot prices averaged $43 per barrel (b) in November, up $3/b from the average in October. ... EIA forecast a … The increase in electricity consumption next year is a result of forecast colder temperatures in the first quarter compared with the same period last year, in addition to continued higher consumption as many people will still be at home more because of the pandemic. Text Only    |   EIA forecasts dry natural gas production in the United States to average 87.9 Bcf/d in 2021. STEO Data browser › This article was first published on Rigzone here. The EIA’s July STEO projected an average Brent spot price of $40.50 per barrel and an average WTI spot price of $37.55 per barrel this year. EIA forecasts Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. The new Brent price forecast, ... EIA said. "Oil and other financial markets reached all-time high levels of volatility in March," the EIA said. EIA expects coal production to grow because of increased coal demand from the electric power sector amid higher natural gas prices in 2021. Sign up for email subcriptions to receive messages about specific EIA products. Forecast coal production rises to 624 MMst in 2021, a 20% increase from 2020 levels. International spot and forward LNG prices continued to increase in late November, supported by reduced global LNG supply because of outages at LNG export plants in several countries and reported congestion at the Panama Canal, which affected westbound U.S. LNG exports to Asia. Price increases last month were moderated by significantly warmer-than-normal temperatures, which reduced residential space heating demand for natural gas despite many remaining at home in response to the pandemic. Expected utility-scale solar capacity rises by 12.8 GW in 2020 and by 14.0 GW in 2021. Oil prices started strong this year at $64/b in January. Annual changes in regional residential electricity prices this year range from 0.4% lower in the South Atlantic region to 3.7% higher in the Pacific region. The EIA boosted its 2020 West Texas Intermediate crude price forecast to $38.96 a barrel, up 1.9% from the November forecast. Price trend by month. Short, timely articles with graphics on energy, facts, issues, and trends. EIA expects LNG demand to continue increasing. EIA forecasts U.S. coal production to total 521 million short tons (MMst) in 2020, a 26% decline from 2019. EIA now forecasts OPEC crude oil production will average 25.7 million b/d in the first quarter of 2021, which is 1.7 million b/d lower than forecast in the November STEO and reflects the announced changes to OPEC+ targets and more effective assumed compliance with targets. Average Consumer Prices and Expenditures for Heating Fuels During the Winter, West Texas Intermediate (WTI) crude oil price, Weather Sensitivity in Natural Gas Markets, Energy Price Volatility and Forecast Uncertainty. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production. EIA Cuts Oil Price Forecast. Energy & Financial Markets: What Drives Crude Oil Prices? Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. EIA forecasts industrial consumption will average 22.5 Bcf/d in 2020 (down 0.5 Bcf/d from 2019) as a result of reduced manufacturing activity. Regional energy information including dashboards, maps, data, and analyses. Exploration and reserves, storage, imports and exports, production, prices, sales. The EIA has once again revised downward its crude oil price forecast, cutting it by $5 per barrel compared to last month In 2020, EIA expects U.S. residential electricity prices to average 13.1 cents per kilowatthour, which is 0.8% higher than the average electricity price in 2019. Oil. All Tables   |   EIA estimates that the world consumed 95.6 million b/d of petroleum and liquid fuels in November, which is down 6.3 million b/d from November 2019 but up from the third-quarter 2020 average of 93.5 million b/d. Uranium fuel, nuclear reactors, generation, spent fuel. This is a decrease from an average of $64.37 per barrel in 2019 and reflects a forward revision of $0.92 per barrel for 2020 compared to the previous estimate. At the December 3 meeting, OPEC and OPEC+ participants decided to limit oil production increases planned for January 2021. EIA expects Henry Hub spot prices to reach a monthly average of $3.10/MMBtu in January 2021, which is down from the forecast January average price of $3.42/MMBtu in last month's STEO. EIA expects residential demand in 2020 to average 12.9 Bcf/d (down 0.8 Bcf/d from 2019) and commercial demand in 2020 to average 8.6 Bcf/d (down 1.0 Bcf/d from 2019). U.S. International energy information, including overviews, rankings, data, and analyses. The increase reflects OPEC's announced potential increases to production targets and production increases in Libya. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. It expects 2021 prices to … The EIA forecast that Brent crude oil prices will average $43/b in the fourth quarter of 2020 and $49/b in 2021. State energy information, including overviews, rankings, data, and analyses. All Tables EIA expects that monthly average spot prices will average $3.01/MMBtu in 2021, which is up from the forecast average of $2.07/MMBtu for 2020. EIA forecasts OPEC crude oil production will average 27.5 million barrels per day (b/d) in 2021, up from an estimated 25.6 million b/d in 2020. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). Release Date: December 8, 2020  |  Next Release Date: January 12, 2021 EIA forecasts that global consumption of petroleum and liquid fuels will average 92.4 million b/d for all of 2020, which is down by 8.8 million b/d from 2019, before increasing by 5.8 million b/d in 2021. EIA expects the U.S. electric power sector will add 23.0 gigawatts (GW) of new wind capacity in 2020 and 9.5 GW of new capacity in 2021. Brent crude oil prices will average $41.42 per barrel in 2020 and $49.53 per barrel in 2021 according to the most recent forecast from the US Energy Information Administration's (EIA) monthly Short-Term Energy Outlook. Maps, tools, and resources related to energy disruptions and infrastructure. EIA forecasts Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter. In its latest Short-Term Energy Outlook , the EIA projects WTI crude prices to average $45.07 per barrel next year. EIA expects that U.S. energy-related carbon dioxide (CO2) emissions, after. Exploration and reserves, storage, imports and exports, production, prices, sales. The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Forecast natural gas inventories end March 2021 at 1.6 Tcf, 15% lower than the 2016–20 average. The decline in total U.S. consumption reflects warmer temperatures in 2020 compared with 2019 that lowered residential space heating demand for natural gas despite many staying home in response to the pandemic. The increase in crude oil prices is expected to raise associated gas production from oil-directed wells in late-2021, especially in the Permian region. The group will also assess the state of global oil markets and petroleum demand monthly, adjusting targets based on market conditions. Brent prices increased in November in part because of news about the viability of multiple COVID-19 vaccines, along with market expectations that the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) would delay or limit production increases planned for January 2021. Brent and WTI spot prices will average $41.90 per barrel and $38.99 per barrel, respectively, this year, according to the EIA’s September STEO. EIA forecasts total U.S. electricity consumption will rise by 1.3% in 2021.   |   The EIA cut its 2020 West Texas Intermediate crude price forecast to $38.76 a barrel, down 0.6% from the September forecast. Financial market analysis and financial data for major energy companies. Crude oil predictions and projections. For a look at all of today’s economic events, check out our economic calendar . U.S. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production. U.S. Maps by energy source and topic, includes forecast maps. Looking ahead to 2021, the EIA reduced its price predictions in its latest forecast. EIA expects that the Brent crude oil price will increase from its 2020 average of $41/b to $47/b in 2021. Eia cut its 2020 average of $ 41/b to $ 47/b in 2021 quarter of 2021 in response higher. 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