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EIA STEO Highlights

ENERGY

Highlights from the EIA Short Term Energy Outlook released yesterday

Oil

  • Brent crude oil will average $105/bbl in 2022 and $95/bbl in 2023
  • US crude production average 11.9mbpd in 2022 and to a record 12.7mbpd in 2023.
  • Global petroleum and liquid fuel consumption to average 99.4mbpd in 2022, an increase of 2.1mbpd from 2021 with a further increase of 2.1mbpd expected in 2023 to 101.5mbpd.
  • Retail gasoline to average $4.29/gal in 3Q22 and $3.78/gal in 4Q22. Retail diesel to average $5.02/gal in 3Q22 and $4.39/gal in 4Q22.

Natgas

  • They expect Henry Hub to average $7.54/MMBtu in 2H 2022 and $5.10/MMBtu in 2023 amid rising natural gas production.
  • LNG exports will average 10.0 Bcf/d in 3Q22 and 11.2 Bcf/d for all of 2022, a 14% increase from 2021. 2023 LNG exports will average 12.7 Bcf/d.
  • US natgas consumption forecast at 85.2 Bcf/d in 2022, up 3% from 2021 as a result of limited switching from natural gas-fired generators to coal-fired generators for power generation. 2023 natgas consumption will average 83.8 Bcf/d in 2023.
  • US dry gas production forecast at 96.6 Bcf/d in 2022 and 100.0 Bcf/d in 2023.
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