Transcription of Short-Term Energy Outlook
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Short-Term Energy Outlook
November 2018. Short-Term Energy Outlook (STEO). Forecast highlights Global liquid fuels Brent crude oil spot prices averaged $81 per barrel (b) in October, up $2/b from September. Despite the increase in monthly average prices, Brent spot prices declined from $85/b on October 1 to $75/b on October 31. EIA expects Brent spot prices will average $72 in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about $7/b lower than Brent prices next year. NYMEX. WTI futures and options contract values for February 2019 delivery that traded during the five-day period ending November 1, 2018, suggest a range of $53/b to $83/b encompasses the market expectation for February WTI prices at the 95% confidence level. EIA estimates that crude oil production averaged million barrels per day (b/d). in October, down slightly from September levels because of hurricane-related outages in the Gulf of Mexico.
2022, averaging 11.5 Bcf/d for the year, a 17% increase from 2021. The forecast reflects our assumption that global natural gas demand remains high and U.S. LNG export capacity increases. • U.S. natural gas inventories ended November 2021 at more than 3.5 trillion cubic feet (Tcf), 3% less than the five-year average for this time of year.
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