Market Data
August 12, 2021
SMU Energy Market Analysis through August
Written by Brett Linton
The Energy Information Administration’s August 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 continues to contribute 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 decline. The EIA expects oil production to increase in the coming months, eventually outpacing consumption, resulting in steady spot prices averaging $72 per barrel from August through November 2021 and averaging $66 in 2022. EIA forecasts natural gas prices to average $3.42 per MMBtu in 2021, declining to a $3.08 average in 2022.
Spot Prices
