EIA Issues Energy Outlook for March: Comments on Oil, Nat-Gas, Coal, Electricity
The US Energy Information Administration issued its short-term energy outlook for the month of March today. According to the EIA website, the report projects "for supply, demand, and price for the major fuels through 2011 for the US/International.
Below are some highlights from the report.
Oil:
- 2010 OPEC outlook revised up by 30,000 barrels/day to 29.5 million barrels/day
- 2011 OPEC outlook revised down by 30,000 b/d to 29.89 million b/d
- slightly raised WTI (West Texas Intermediate) oil price outlook to $80.06/barrel in 2010
- sees oil averaging $83.50/barrel in 2011
- Q1 OPEC output revised up by 140,000 b/d to 29.49 million b/d
- Q1 world oil usage revised 0.3% higher from February, seen up 2.4% compared to a year ago
- US Q1 oil usage seen at 18.97 million b/d, up 0.7% from the same period last year
- China 2010 oil usage seen at 8.66 million b/d, up 5.4% vs. a year ago
- US retail gas to average $2.84/gallon in 2010, $2.96/gallon in 2011
- US diesel to average $2.96/gallon in 2010, $3.14/gallon in 2011
- US nat-gas production expected to slip 2.7% in 2010
- US nat-gas consumption expected to rise 0.7% in 2010
- US coal production to fall 7% in 2010 and rise 7% in 2011
- US electricity demand seen rising 2% in 2010, 1.5% in 2011
- US residential electricity prices are expected to fall 0.4% in 2010 and rise 1.4% in 2011
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