Market Data
May 12, 2021
SMU Analysis: Energy Use Rising Along with Economy
Written by Brett Linton
The Energy Information Administration’s April Short-Term Energy Outlook remains subject to heightened levels of uncertainty as responses to COVID-19 continue to evolve. Economic activity has increased significantly compared to previous years and, combined with the easing of COVID restrictions, energy use is rising. The EIA expects oil demand to continue to strengthen due to those factors. Gasoline consumption is also expected to rise as more vehicles return to the roadways. Crude oil spot prices are forecast to remain steady in the second quarter and decline slightly through the end of the year. Natural gas prices are expected to rise this year due to growth in natural gas exports and rising domestic consumption. EIA forecasts a mostly balanced global oil market for the remainder of 2021.
Spot Prices
