Steo

Brent crude oil prices are poised to average $86/bbl for the remainder of 2023 before falling to an average of $81 in 2024 amid rising global inventories, according to the Energy Information Administration’s (EIA) latest projections. Downward pressure could start to emerge for the global crude benchmark in 2Q2024, when global oil inventories “will begin…

Natural gas futures failed to sustain the prior day’s gains, instead sliding ahead of what’s expected to be another smaller-than-normal storage withdrawal in the upcoming government inventory report. The April Nymex gas futures contract settled Wednesday at $2.551/MMBtu, off 13.6 cents from Tuesday’s close. May futures shed 12.7 cents to reach $2.713. At A Glance:…

Amid lower-than-expected heating demand this winter, the Energy Information Administration (EIA) said Tuesday it is raising its projected end-March storage carryout to more than 1.9 Tcf, a 27% increase compared to projections issued in January. A 1.9 Tcf end-March carryout would also represent a 23% surplus to the prior five-year average, EIA said in its…

In a nod to the steep decline in natural gas prices following mild weather this winter, the Energy Information Administration (EIA) is slashing its 2023 Henry Hub forecast, with the agency now modeling a 50% discount versus 2022 prices. The “significantly warmer-than-normal” weather in January depressed space heating demand and padded storage inventories, EIA said…

Domestic crude production matched the pandemic-era peak, while demand last week declined and extended a trend early in 2023. The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended Jan. 20 clocked in at 12.2 million b/d – matching the high mark of the past two years and on par with the…

With storage refilling at a faster-than-expected clip ahead of winter, the Energy Information Administration (EIA) has slashed its projected natural gas spot price for the remainder of 2022 and the first quarter of 2023. In its latest Short-Term Energy Outlook (STEO), published Tuesday, the agency said it now expects Henry Hub spot prices to average…

A result of both higher retail prices and higher forecast consumption, the Energy Information Administration (EIA) expects U.S. households to spend more on energy this winter compared with the 2021-22 heating season, with the largest increase for homes that heat with natural gas. The agency’s latest Winter Fuels Outlook, included in its updated Short-Term Energy…

Natural gas spot prices at Henry Hub will average roughly $9/MMBtu during the fourth quarter before retreating to around $6 on average in 2023 amid rising domestic production, according to the latest projections from the Energy Information Administration (EIA). Spot prices at the national benchmark averaged $8.80 in August, versus $7.28 in July, the agency…

Brent crude oil prices are on track to average $105/bbl this year, with recent trends showing a sharp drop-off in prices over the past month, the Energy Information Administration (EIA) said in updated forecasting published Tuesday. Between July 1 and Aug. 4, prices at the global crude benchmark fell $17.51, while front-month West Texas Intermediate…