Short-Term Energy Outlook February 8, 2011 Release2011 EIA Energy Conference, April 26 & 27, 2011.
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Short-Term Energy Outlook
February 8, 2011 Release
- EIA expects the price of WTI crude oil to average about $93 per barrel in 2011, $14 higher than the average price last year. For 2012, EIA projects that WTI prices will continue to rise, averaging $98 per barrel. EIA's forecast assumes U.S. real gross domestic product (GDP) grows 3.0 percent in 2011 and 2.8 percent in 2012, while world real GDP (weighted by oil consumption) grows by 3.9 percent and 4.0 percent, respectively, in 2011 and 2012.
- EIA estimates that natural gas working inventories ended January 2011 at 2.3 trillion cubic feet (Tcf), about 30 billion cubic feet (Bcf) or 1 percent below the 2010 end-of-January level. Inventories are expected to remain high through 2011. The projected Henry Hub natural gas spot price averages $4.16 per million Btu (MMBtu) for 2011, $0.22 per MMBtu lower than the 2010 average. EIA expects the natural gas market to begin to tighten in 2012, with the Henry Hub spot price increasing to an average of $4.58 per MMBtu.
To see details of this forecast update, go to the following World Wide Web site on the Internet:
Posted: February 8, 2011
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