Market Data
July 13, 2021
SMU Analysis: Energy Market Growing, Oil Prices at 33-Month High
Written by Brett Linton
The Energy Information Administration’s July Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity and an easing of the pandemic have contributed to rising energy use. EIA anticipates a mostly balanced global oil market for the remainder of 2021. Crude oil prices are forecast to remain steady through the remainder of the year, while natural gas prices are expected to slightly increase. The EIA expects oil production to increase in the coming months, eventually outpacing consumption, resulting in steady spot prices averaging $72 per barrel through Q2 2021 and averaging $67 in 2022. EIA forecasts natural gas prices to average $3.22 per MMBtu in 2021, declining to a $3.00 average in 2022. A related forecast: EIA expects regular-grade gasoline prices to average $2.92 per gallon in the second half of 2021 and $2.74 in 2022.
Spot Prices
