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    September 10, 2021

    SMU Energy Market Analysis through September

    Written by Brett Linton

    Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com.

    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 balanced global oil market for the remainder of 2021. Crude oil and natural gas prices are forecast to remain steady through the remainder of the year. The EIA reported that over 90% of crude oil production in the Gulf of Mexico went offline in late-August due to Hurricane Ida, resulting in a 0.3 million barrel per day decline in production down to 1.5 million barrels per day. Crude oil production is expected to gradually come back online during September. The EIA reports that U.S. regular gasoline prices averaged $3.16 per gallon in August, the highest monthly average price since October 2014. Increases reflect rising wholesale margins among relatively low inventories. 

    Brett Linton

    Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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