EIA – Short-Term Energy Outlook, Oct 2024

The October 2024 EIA Short-Term Energy Outlook reviews anticipated changes in energy prices and production trends through 2025. The report forecasts a reduction in Brent crude oil prices, expected to average $78 per barrel in 2025, which is a $7 decrease from last month’s projections. This decline is attributed to a lowered global demand growth estimate. Additionally, retail gasoline prices in the U.S. are predicted to average $3.20 per gallon next year. Natural gas prices are anticipated to increase to about $2.80 per million BTU. The report also addresses stable CO₂ emissions across 2023–2025, with emission shifts balancing between coal and natural gas usage. This outlook includes data on economic indicators, weather impacts, and anticipated shifts in consumer behavior affecting energy markets.