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Short-Term Energy Outlook

Release Date: March 6, 2018  |  Next Release Date: April 10, 2018  |  Full Report    |   Text Only   |   All Tables   |   All Figures


  • North Sea Brent crude oil spot prices averaged $65 per barrel (b) in February, a decrease of $4/b from the January level and the first month-over-month average decrease since June 2017. EIA forecasts Brent spot prices will average about $62/b in both 2018 and 2019 compared with an average of $54/b in 2017.
  • EIA expects West Texas Intermediate (WTI) crude oil prices to average $4/b lower than Brent prices in both 2018 and 2019. NYMEX WTI contract values for May 2018 delivery traded during the five-day period ending March 1, 2018, suggest a range of $51/b to $76/b encompasses the market expectation for June 2018 WTI prices at the 95% confidence level.
  • In February, the U.S. benchmark Henry Hub natural gas spot price averaged $2.66 per million British thermal units (MMBtu), down $1.03/MMBtu from January. Winter weather moderated in February after extremely cold temperatures in much of the country during the first half of January. U.S. heating degree days were an estimated 17% lower than the 10-year average for February, which contributed to lower consumption and prices.
  • EIA expects natural gas prices to moderate in the coming months, based on a forecast of record natural gas production levels. EIA expects Henry Hub spot prices to average $2.72/MMBtu in March and $2.99/MMBtu for all of 2018. In 2019, EIA forecasts prices will average $3.07/MMBtu. NYMEX contract values for June 2018 delivery that traded during the five-day period ending March 1, 2018, suggest that a range of $2.16/MMBtu to $3.49/MMBtu encompasses the market expectation for June Henry Hub natural gas prices at the 95% confidence level.

aWest Texas Intermediate.
bAverage regular pump price.
cOn-highway retail.
dU.S. Residential average.
eElectric power generation fuel cost.
WTI Crude Oila
(dollars per barrel)
Brent Crude Oil
(dollars per barrel)
(dollars testper gallon)
(dollars per gallon)
Heating Oild
(dollars per gallon)
Natural Gasd
(dollars per thousand cubic feet)
(cents per kilowatthour)
(dollars per million Btu)

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