As lagging storage inventories and robust demand pressure prices higher, Henry Hub natural gas spot prices will average $8.69/MMBtu in the third quarter, updated Energy Information Administration (EIA) projections show. Amid rising domestic production by next year, the national benchmark price should retreat to $4.74 in 2023, the agency said in the June edition of…
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EIA Predicting $8.59 Henry Hub for Last Six Months as Storage Struggles to Catch Up
With storage levels expected to lag behind the five-year average this summer, Henry Hub natural gas spot prices will soar to $8.59/MMBtu on average in the second half of this year, according to updated forecasting from the Energy Information Administration (EIA). Henry Hub prices are forecast to average $7.83 for the second quarter after averaging…
War in Ukraine Clouds EIA’s Latest Oil, Natural Gas Price Outlook
Brent crude oil prices will average $116/bbl in the second quarter, and Henry Hub spot natural gas prices will average $3.83/MMBtu over the same period, though events in Ukraine have clouded the outlook, according to the Energy Information Administration (EIA). In the March edition of its Short-Term Energy Outlook (STEO), the agency predicted a falling…
U.S. LNG Exports on Track to Increase 16% in 2022, EIA Says in Short-Term Energy Outlook
Natural gas spot prices at Henry Hub are set to average $4.70/MMBtu in February, according to updated projections from the Energy Information Administration (EIA), though the agency cautioned that its forecast is subject to weather uncertainty. Spot prices at the national benchmark averaged $4.38 in January, an increase above average prices of $3.76 in December,…
Brent Crude Prices to Average $87 in February Before Declining Later in 2022, EIA Predicts
Amid continuing draws on inventories, global Brent crude oil prices are on track to average $90/bbl this month before declining later in 2022 on production growth domestically and abroad, according to updated modeling from the Energy Information Administration (EIA). Brent crude oil spot prices rose $12 month/month to average $87 in January, EIA said in…
EIA Forecasts Rising U.S. Natural Gas Exports
In updated forecasting stretching to 2023, the Energy Information Administration (EIA) last week laid out a vision of rising natural gas production and exports alongside moderating U.S. prices. Natural gas spot prices at Henry Hub averaged $3.91/MMBtu for 2021, the agency said in its latest Short-Term Energy Outlook. This year and next should bring slightly…
Global Oil Forecast to Average $75 in 2022 as Consumption Grows
Brent crude oil prices are set to average $75/bbl in 2022, up from $71 in 2021, as the world is on track to increase its consumption of liquid fuels over the next two years, according to updated projections from the Energy Information Administration (EIA). The world consumed 96.9 million b/d on average in 2021, a…
Against Backdrop of Omicron Worries, EIA Predicts $71 Brent for December
As the recent discovery of the Covid-19 Omicron variant has renewed concerns about a potential decline in consumption, Brent crude oil spot prices are set to average $71/bbl in December and $73 through the first quarter of 2022, according to updated projections from the Energy Information Administration (EIA). In an updated forecast published Tuesday as…
Winter Heating Costs for U.S. Natural Gas Expected to Rise Sharply
American households can expect significant increases in home heating costs this winter, including a 30% increase in natural gas expenditures versus last winter, according to the U.S. Energy Information Administration (EIA). The agency said as part of its latest Short-Term Energy Outlook (STEO) that it expects a 3% increase in average U.S. heating degree days…
EIA Predicts Big Increases in Winter Heating Costs as Prices Rise for Natural Gas, Other Fuels
American households can expect significant increases in home heating costs this winter, including a 30% increase in natural gas expenditures versus last winter, the U.S. Energy Information Administration (EIA) said Wednesday. The agency said as part of its latest Short-Term Energy Outlook (STEO) that it expects a 3% increase in average U.S. heating degree days…