EIA – Short-Term Energy Outlook, April 2024

The Short-Term Energy Outlook from the EIA in April 2024 provides insights on global oil consumption, oil prices, natural gas inventories, electricity consumption, and coal exports. The EIA revised the 2022 global liquid fuels consumption data, leading to an increase in global oil consumption forecasts for 2024 and 2025. The Brent crude oil spot price is expected to average $90 per barrel in the second quarter of 2024, reflecting strong global oil inventory draws and geopolitical risks. Natural gas inventories in the U.S. are higher than the five-year average, with forecasts indicating less gas injected into storage due to lower production levels. Residential electricity consumption is expected to rise by almost 4% in 2024, primarily during the summer months. Coal export forecasts have been reduced after the closure of the Port of Baltimore, second-largest coal export hub in the U.S. Overall, market dynamics and recent events are shaping energy forecasts for the coming months.