EIA – Short-Term Energy Outlook, Aug 2024

The U.S. Energy Information Administration's Short-Term Energy Outlook for August 2024 predicts a rise in crude oil prices in the second half of the year, with Brent crude oil prices expected to reach between $85 and $90 per barrel by the end of the year due to falling global oil inventories. Global consumption of liquid fuels is forecasted to increase, with a reduction in oil consumption forecasted for China. Jet fuel consumption is rising due to increased air travel, exceeding pre-pandemic levels in 2025. Natural gas consumption is expected to decrease slightly due to milder weather in August, keeping the Henry Hub price relatively low. Electricity prices are increasing more slowly for residential customers due to lower natural gas prices, with prices expected to rise by about 1% for the year.