Market Data
October 15, 2021
Energy Market Analysis: Rising Prices on the Horizon?
Written by Brett Linton
The Energy Information Administration’s October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty related to the ongoing recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity continues to contribute to rising energy use. EIA expects average expenditures for heating fuels to increase significantly in the next several months from higher fuel costs and increased consumption due to a colder winter. Crude oil and natural gas prices are forecast to increase through the remainder of the year, with the October forecasts up 14-45% compared to those made in the previous STEO. Compared with last winter, the EIA forecasts propane expenditures will increase by 54%, heating oil by 43%, natural gas by 30%, and electricity by 6%.
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