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- Brent crude oil spot prices averaged $65 per barrel (b) in November, down $16/b from October, the largest monthly average price decline since December 2014.
- EIA expects Brent spot prices will average $61 in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about $7/b lower than Brent prices next year. NYMEX WTI futures and options contract values for March 2019 delivery that traded during the five-day period ending December 6, 2018, suggest a range of $36/b to $77/b encompasses the market expectation for March WTI prices at the 95% confidence level.
- The Henry Hub natural gas spot price averaged $4.15/million British thermal units (MMBtu) in November, up $0.87/MMBtu from the October average. Cold temperatures and low inventory levels contributed to the increase in price. Despite low inventory levels, EIA expects strong growth in U.S. natural gas production to put downward pressure on prices in 2019. EIA expects Henry Hub natural gas spot prices to average $3.11/MMBtu in 2019, down 6 cents from the 2018 average and down from a forecast average price of $3.88/MMBtu in the fourth quarter of 2018. NYMEX futures and options contract values for March 2019 delivery traded during the five-day period ending December 6, 2018, suggest a range of $1.85/MMBtu to $8.37/MMBtu encompasses the market expectation for March Henry Hub natural gas prices at the 95% confidence level.
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!