Notable Forecast Changes, Short-Term Energy Outlook 06-19

Onyx Power and Gas Consulting continues with its weekly series providing the Short-Term Energy Outlook as of June 11, 2019.  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.

Notable Forecast Changes

  • EIA forecasts Brent crude oil prices will average $67 per barrel (b) in 2019, down about $3/b from last month’s STEO forecast. The lower 2019 price forecast largely reflects recent price declines in global crude oil prices, which lowered the starting point for EIA’s forecast, and uncertainty about global oil demand growth. Forecast global liquid fuels supply and consumption were both lowered by about 0.2-0.3 million barrels per day (b/d) for 2019 and for 2020. The lower global supply growth forecast is mostly the result of lower crude oil production growth in the United States because of lower expected oil prices and an expectation of increasing crude oil production declines in Venezuela. The reduction in global demand growth reflects both a revision to historical data that carries through to the forecast and lower oil consumption growth in 2019 because of reduction in forecast 2019 oil-weighted GDP growth among countries not part of the Organization for Economic Cooperation and Development (OECD).

Real Prices Viewer

Real Petroleum Prices are computed by dividing the nominal price in a given month by the ratio of the Consumer Price Index (CPI) in that month to the CPI in some “base” period. The Real Petroleum Prices spreadsheet and charts are updated every month so that the current month is the base period in the monthly price series. Consequently, all real prices are expressed in “current” dollars and any current month price may be compared directly with any past or projected real prices.

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!

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