Onyx Power and Gas Consulting continues with its weekly series providing the Short-Term Energy Outlook as of September 11, 2018. This series of news articles should provide a complete insight on the current conditions of the energy…enjoy, check out archives and come back each week for additional information on how all sorts of energy sources impact our daily lives.
Global Liquid Fuels
- Brent crude oil spot prices averaged $73 per barrel (b) in August, down almost $2 from July. EIA expects Brent spot prices will average $73/b in 2018 and $74/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019. NYMEX WTI futures and options contract values for December 2018 delivery that traded during the five-day period ending September 6, 2018, suggest a range of $56/b to $85/b encompasses the market expectation for December WTI prices at the 95% confidence level.
- EIA estimates that U.S. crude oil production averaged 10.9 million barrels per day (b/d) in August, up by 120,000 b/d from June. EIA forecasts that U.S. crude oil production will average 10.7 million b/d in 2018, up from 9.4 million b/d in 2017, and will average 11.5 million b/d in 2019.
- EIA forecasts total global liquid fuels inventories to decrease by 0.4 million b/d in 2018 compared with 2017, followed by an increase of 0.1 million b/d in 2019. This outlook of relatively stable inventory levels during the forecast period contributes to a forecast of monthly average Brent crude oil prices remaining relatively stable, between $72/b and $76/b, from September 2018 through the end of 2019.
The professional consultants at Onyx Power & Gas Consulting are always ahead of the current issues that may affect energy consumption and pricing. Now is the time to partner with an Onyx professional consultant to discuss energy management and secure energy prices based on today’s stable pricing. Volatility in the energy markets makes it too precarious to take chances. Partner with Onyx Power & Gas in Making Energy Make a Difference!