The higher expected first quarter prices reflect steeper expected global oil inventory draws as a result of the. EIA estimates that inventories fell by 20 billion cubic feet (Bcf) in November, compared with a five-year average November withdrawal of 103 Bcf and a forecast withdrawal of 222 Bcf in last month's STEO. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. International energy information, including overviews, rankings, data, and analyses. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. Sign up for email subcriptions to receive messages about specific EIA products. 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. The EIA cut its 2020 West Texas Intermediate crude price forecast to $38.76 a barrel, down 0.6% from the September forecast. 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. 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. 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. Maps, tools, and resources related to energy disruptions and infrastructure. 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. Regional energy information including dashboards, maps, data, and analyses. Reports requested by congress or otherwise deemed important.    |   EIA forecasts total U.S. electricity consumption will rise by 1.3% in 2021. Electricity generation from renewable energy sources rises from 18% in 2019 to 20% in 2020 and to 21% in 2021. Exploration and reserves, storage, imports and exports, production, prices, sales. OPEC+ announced it will increase its production target by 0.5 million b/d in January 2021. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). U.S. working natural gas in storage ended October at almost 4.0 trillion cubic feet (Tcf), 5% more than the five-year (2015–19) average and the second-highest end-of-October level on record. EIA expects retail sales of electricity in the commercial sector to fall this year by 5.9% and by 8.8% in the industrial sector. Price trend by month. 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. Exploration and reserves, storage, imports and exports, production, prices, sales. Text Only Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. Energy & Financial Markets: What Drives Crude Oil Prices? Expected utility-scale solar capacity rises by 12.8 GW in 2020 and by 14.0 GW in 2021. 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. This increase contributes to total U.S. crude oil production reaching 11.4 million b/d in December 2021. Today’s EIA Weekly Inventories Report, due to be released at 15:30 GMT, is expected to show a 1.7 million barrel crude oil build. EIA forecasts U.S. coal production to total 521 million short tons (MMst) in 2020, a 26% decline from 2019. 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). Forecast natural gas inventories end March 2021 at 1.6 Tcf, 15% lower than the 2016–20 average. International energy information, including overviews, rankings, data, and analyses. In November, the Henry Hub natural gas spot price averaged $2.61 per million British thermal units (MMBtu), up from the October average of $2.39/MMBtu. 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. 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 November, the Henry Hub natural gas spot price averaged $2.61 per million British thermal units (MMBtu), up from the October average of $2.39/MMBtu. Prices plummeted in the second quarter, with one day in April even closing at $9/b for Brent prices internationally and -$37/b for … 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 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. 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 … Energy & Financial Markets: What Drives Crude Oil Prices? "Oil and other financial markets reached all-time high levels of volatility in March," the EIA said. 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 Brent prices will average $47 per barrel in the first quarter of 2021 and rise to an average of $50 per barrel by the fourth quarter. Looking ahead to 2021, the EIA reduced its price predictions in its latest forecast. 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. 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. 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. Release Date: December 8, 2020  |  Regional energy information including dashboards, maps, data, and analyses. All Tables 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. ... U.S. crude inventories fell by 562,000 barrels in the week to December 18 to 499.5 million barrels, the Energy Information Administration (EIA) said on Wednesday. EIA forecasts U.S. dry natural gas production will average 90.9 Bcf/d in 2020, which is down from an average of 93.1 Bcf/d in 2019. All Figures, Provides custom data views of historical and forecast data Coal's forecast share of electricity generation falls from 24% in 2019 to 20% in 2020 and then returns to 24% in 2021. The increase reflects OPEC's announced potential increases to production targets and production increases in Libya. EIA expects production to begin rising in the second quarter of 2021 in response to higher natural gas and crude oil prices. EIA forecasts that consumption of electricity in the United States will decrease by 3.9% in 2020. Uranium fuel, nuclear reactors, generation, spent fuel. The reason for the downward adjustment to price realizations is the deceleration in the degree of recovery in oil consumption amid a spike in infections. Regional Motor Gasoline Prices and Inventories, Table 5b. Detailed forecast table. EIA expects LNG demand to continue increasing. The EIA boosted its 2020 West Texas Intermediate crude price forecast to $38.96 a barrel, up 1.9% from the November forecast. Milder winter temperatures in early 2020 led to less residential consumption for space heating, but this effect was offset by increased summer cooling demand and increased electricity use by more people staying home in response to the pandemic. Greenhouse gas data, voluntary reporting, electric power plant emissions. 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. 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. 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. It expects 2021 prices to … Maps, tools, and resources related to energy disruptions and infrastructure. Come test out some of the products still in development and let us know what you think! State energy information, including overviews, rankings, data, and analyses. The organization now sees Brent spot prices averaging $41.43 per barrel this year and $48.53 per barrel in 2021. The nuclear share of U.S. generation remains close to 20% through the forecast period.  |  All Figures, Electricity, coal, renewables, and emissions, Provides custom data views of historical and forecast data U.S. crude oil production averaged an estimated 11.2 million b/d in November, up from 10.9 million b/d in September. 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.   |   Brent crude oil spot prices averaged $43 per barrel (b) in November, up $3/b from the average in October. Crude oil predictions and projections. Still, the EIA also expects global consumption to average 99.6 million barrels per day, just barely above projected demand of 99.34 million barrels per day. Short, timely articles with graphics on energy, facts, issues, and trends. 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. State energy information, including overviews, rankings, data, and analyses. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). The U.S. Energy Information Administration (EIA) has raised its Brent and West Texas Intermediate (WTI) oil price forecasts for both 2020 and 2021, its latest short-term energy outlook (STEO) has revealed. Greenhouse gas data, voluntary reporting, electric power plant emissions. EIA expects coal production to grow because of increased coal demand from the electric power sector amid higher natural gas prices in 2021. EIA expects that the Brent crude oil price will increase from its 2020 average of $41/b to $47/b in 2021. Reports requested by congress or otherwise deemed important. Short, timely articles with graphics on energy, facts, issues, and trends. The EIA forecast that Brent crude oil prices will average $43/b in the fourth quarter of 2020 and $49/b in 2021. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. The group had initially planned to increase its target by 2.0 million b/d. EIA estimates that the United States exported 9.4 Bcf/d of LNG in November—the most for any month on record. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Brent crude oil spot prices averaged $43 per barrel (b) in November, up $3/b from the average in October. EIA forecasts residential sector retail sales will rise by 1.5% in 2020. Full Report Weekly American Petroleum Institute Weekly Inventories Report Financial market analysis and financial data for major energy companies. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Although EIA still expects prices to increase in the coming months because of rising space heating demand and rising U.S. liquefied natural gas (LNG) exports amid declining U.S. natural gas production, the lower January price forecast reflects higher forecast storage levels this winter compared with last month's forecast. 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. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. 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. 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. 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. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. Regional Natural Gas Prices, Table 7c.   |   Next Release Date: January 12, 2021 On an annual average basis, EIA expects U.S. crude oil production to fall from 12.2 million b/d in 2019 to 11.3 million b/d in 2020 and 11.1 million b/d in 2021. 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. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. 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. Maps by energy source and topic, includes forecast maps. Full Report 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. The lower-than-expected withdrawal is the result of warmer-than-normal November temperatures that reduced natural gas use for space heating. 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. 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.  |    |   Next Release Date: January 12, 2021 U.S. Oil. 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. U.S. Sign up for email subcriptions to receive messages about specific EIA products. Oil prices started strong this year at $64/b in January. 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. 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. It expects 2021 prices to … Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. 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. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. EIA forecasts that planned additions to wind and solar generating capacity in 2020 and 2021 will contribute to increasing electricity generation from those sources. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. 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. Come test out some of the products still in development and let us know what you think! All Tables Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. Release Date: December 8, 2020  |  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. 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. Oil Price Fundamental Daily Forecast – Light Volume Caps Gains, but Supported by EIA Draw, Brexit Hopes. 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. STEO Data browser › WASHINGTON - In the U.S. Energy Information Administration’s January Short-Term Energy Outlook, EIA forecasts that the Brent crude oil spot price will average $65 per barrel (b) in …    |   Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. 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. For a look at all of today’s economic events, check out our economic calendar . 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. EIA Cuts Oil Price Forecast. EIA forecasts dry natural gas production in the United States to average 87.9 Bcf/d in 2021. The new Brent price forecast, ... EIA said. Regional Retail Electricity Prices, Table WF01. 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. EIA expects the share of U.S. electric power sector generation from natural gas will increase from 37% in 2019 to 39% this year. In 2021, the forecast natural gas share declines to 34% in response to a forecast increase in the price of natural gas delivered to electricity generators from an average of $2.44/MMBtu in 2020 to $3.38/MMBtu in 2021 (an increase of 39%). 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. EIA forecasts that U.S. LNG exports will exceed 9.5 Bcf/d from December through February and will average 8.5 Bcf/d in 2021, a 30% increase from 2020. Reduced manufacturing activity still in development and let us know What you think the average... 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