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. Energy & Financial Markets: What Drives Crude Oil Prices? 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. The Energy Information Administration (EIA) remains skeptical. Next Release Date: January 12, 2021 Energy use in homes, commercial buildings, manufacturing, and transportation. Oil Price Fundamental Daily Forecast – Prices Hit 9-Month High on EIA Draw, Vaccine Rollout, Fiscal Stimulus The price action indicates investors are … The lower-than-expected withdrawal is the result of warmer-than-normal November temperatures that reduced natural gas use for space heating. The EIA has once again revised downward its crude oil price forecast, cutting it by $5 per barrel compared to last month 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. EIA forecasts that consumption of electricity in the United States will decrease by 3.9% in 2020. Exploration and reserves, storage, imports and exports, production, prices, sales. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. 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. 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. The increase mostly reflects greater production in the U.S. Federal Gulf of Mexico after hurricane-related disruptions. 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). The group will also assess the state of global oil markets and petroleum demand monthly, adjusting targets based on market conditions. Come test out some of the products still in development and let us know what you think! 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. Weekly American Petroleum Institute Weekly Inventories Report EIA expects that U.S. energy-related carbon dioxide (CO2) emissions, after. 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. crude oil production averaged an estimated 11.2 million b/d in November, up from 10.9 million b/d in September. Maps, tools, and resources related to energy disruptions and infrastructure. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. Maps by energy source and topic, includes forecast maps. The organization now sees Brent spot prices averaging $41.43 per barrel this year and $48.53 per barrel in 2021. Release Date: December 8, 2020  |  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. 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. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. 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. Forecast coal production rises to 624 MMst in 2021, a 20% increase from 2020 levels.  |  EIA forecasts total U.S. electricity consumption will rise by 1.3% in 2021. 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. Expected utility-scale solar capacity rises by 12.8 GW in 2020 and by 14.0 GW in 2021. The new Brent price forecast, ... EIA said. Short, timely articles with graphics on energy, facts, issues, and trends. Oil prices started strong this year at $64/b in January. The EIA, which delayed the report's release by a day to better assess the market, pegged its 2020 WTI oil price forecast at $38.19 a barrel, down 31% from its previous view. 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%). 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. 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. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. EIA forecasts dry natural gas production in the United States to average 87.9 Bcf/d in 2021.   |   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. 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. 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. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. 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. Electricity generation from renewable energy sources rises from 18% in 2019 to 20% in 2020 and to 21% in 2021. Net U.S. crude imports fell by 1.85 million barrels per day, EIA said. 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 …   |   EIA forecasts industrial consumption will average 22.5 Bcf/d in 2020 (down 0.5 Bcf/d from 2019) as a result of reduced manufacturing activity. 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 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. International energy information, including overviews, rankings, data, and analyses. EIA expects coal production to grow because of increased coal demand from the electric power sector amid higher natural gas prices in 2021. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. 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. 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. EIA expects production to begin rising in the second quarter of 2021 in response to higher natural gas and crude oil prices. All Figures, Electricity, coal, renewables, and emissions, Provides custom data views of historical and forecast data It expects 2021 prices to … Come test out some of the products still in development and let us know what you think! 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. 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