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In our January 2023 Short-Term Energy Outlook, we forecast the Brent crude oil price (the global benchmark) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023 (1Q23). We expect this forecast increase to follow the upcoming EU ban on seaborne ...

Average wholesale electricity prices at major trading hubs in the United States rose throughout much of 2022 and were, at times, volatile as a result of extreme weather events. The limited availability of coal to substitute for higher-priced natural gas also contributed to higher electricity prices. ...

In 2022, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average—in both real and nominal terms—since 2008, based on data from Refinitiv Eikon. The 2022 average Henry Hub real ...

Rising crude oil prices and increased gasoline demand early in 2022 contributed to rising U.S. retail gasoline prices in the summer, but gasoline prices ended 2022 lower than at the start of the year because of more refinery production and less demand during the second half of the year. Read More... ...

In the final trading day of 2022, the spot price of Brent crude oil, a global benchmark priced in Northwest Europe, closed at $85 per barrel (b), $7 higher than the price on January 3, 2022 ($78/b). The Brent price rose significantly in the first half of 2022 but generally declined in the second ...

After increasing 68% from January through June, the energy component of the S&P Goldman Sachs Commodity Index (GSCI) ended the year 10% higher than the first trading day of 2022. Global events—notably Russia’s full-scale invasion of Ukraine, which has been ongoing since last February—have ...

Rates for petroleum product tankers that carry low-sulfur petroleum products, including refined petroleum products such as motor gasoline, diesel fuel, jet fuel, and naphtha, reached multiyear highs this summer. Rates for these tankers, known as clean tankers, remained elevated through November, ...

Average allowance prices for CO2 emissions increased by over 40% in four of the world’s five largest carbon emissions trading systems between January 2021 and January 2022, according to data from the International Carbon Action Partnership. Read More... ...

In the industrial sector, natural gas consumption in the United States increased by 1.9% in 2021. In our November Short-Term Energy Outlook (STEO), we forecast that it will increase by 2.4% in 2022. We expect U.S. industrial consumption will reach record highs in 2022, which will reverse a multiyear ...

U.S. dry natural gas production has increased during 2022, averaging more than 100 billion cubic feet per day (Bcf/d) in October and November and exceeding pre-pandemic monthly production records from 2019. We forecast that U.S. production of dry natural gas will average about 100.0 Bcf/d from ...