Onyx Power and Gas Consulting continues a weekly series providing the Short-Term Energy Outlook as of December 12, 2017. 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.
U.S. Liquid Fuels
- West Texas Intermediate (WTI) crude oil prices are forecast to average $4/b lower than Brent prices in 2018. After averaging $2/b lower than Brent prices through the first eight months of 2017, WTI prices averaged $6/b lower than Brent prices from September through November.
- EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level. Most of the increase was in the Gulf of Mexico, where production was 290,000 b/d higher than in October. Higher production in November reflected oil production platforms returning to operation after being shut in response to Hurricane Nate. EIA forecasts total U.S. crude oil production to average 9.2 million b/d for all of 2017 and 10.0 million b/d in 2018, which would mark the highest annual average production, surpassing the previous record of 9.6 million b/d set in 1970.
- U.S. regular gasoline retail prices averaged $2.56 per gallon (gal) in November, an increase of nearly 6 cents/gal from the average in October. The increase in November primarily reflected increasing crude oil prices. EIA forecasts the U.S. regular gasoline retail price will average $2.59/gal in December, 34 cents/gal higher than at the same time last year. EIA forecasts that U.S. regular gasoline retail prices will average $2.51/gal in 2018.
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!