EIA Forecasts Stable Energy Prices in 2020
By Alex Mills
January 23, 2020
Energy prices in the U.S. will be flat this year as production of crude oil and natural gas will set records, again, according to projections by the Energy Information Administration (EIA) at the Department of Energy.
EIA forecasts Brent crude oil spot prices, the international benchmark, will average $65 per barrel in 2020, compared with an average of $64 in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50 per barrel lower than Brent prices through 2020, compared to about $7.35 in 2019.
U.S. regular gasoline retail prices averaged $2.60 per gallon in 2019, and EIA forecasts that they will average $2.63 in 2020.
EIA forecasts that Henry Hub natural gas spot prices will average $2.33 per million British thermal units (MMBtu) in 2020, down from $2.57 in 2019….