Energies Media
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
  • Contact
No Result
View All Result
Energies Media
No Result
View All Result

EIA Forecasts Stable Energy Prices in 2020

by Alex Mills
January 23, 2020
in Alex Mills, Contributors, News, Oil and Gas News
EIA forecasts stable energy prices in 2020

A Critical Mineral at a Critical Moment: The Importance of Restoring Domestic Tungsten Production in the U.S.

A Revolutionary Way to Understand Energy Customers

Energy prices in the U.S. will be flat this year as production of crude oil and natural gas will set records, again, according to projections by the Energy Information Administration (EIA) at the Department of Energy.

EIA forecasts Brent crude oil spot prices, the international benchmark, will average $65 per barrel in 2020, compared with an average of $64 in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50 per barrel lower than Brent prices through 2020, compared to about $7.35 in 2019.

U.S. regular gasoline retail prices averaged $2.60 per gallon in 2019, and EIA forecasts that they will average $2.63 in 2020.

InventU

EIA forecasts that Henry Hub natural gas spot prices will average $2.33 per million British thermal units (MMBtu) in 2020, down from $2.57 in 2019.

EIA expects domestic oil production to average 13.3 million barrels per day (bpd) in 2020, which is up from 12.2 million bpd in 2019 and 10.9 million bpd in 2018.

U.S. dry natural gas production set a new record in 2019, averaging 92.0 billion cubic feet per day (Bcf/d). EIA forecasts another record year in 2020 with production rising to 94.7 Bcf/d in 2020.

Natural gas will continue to generate the largest amount of electricity this year followed by coal and renewables. EIA expects natural gas-fired power plants to provide 38 percent of U.S. total utility-scale electricity generation in 2020. Electricity generation from renewable energy sources (wind, solar and hydroelectric) rises from a share of 17 percent last year to 19 percent in 2020. Coal’s forecast share of electricity generation falls from 24 percent in 2019 to 21 percent in 2020. The nuclear share of generation will remain at 20 percent in 2020.

As natural gas and renewable take over a larger portion of electricity generation, carbon dioxide (CO2) emission decline, EIA said. Last year energy-related carbon dioxide dropped 2.1 percent and EIA projects a 2 percent decline in 2020. Energy-related CO2 emissions are sensitive to changes in weather, economic growth, energy prices, and fuel mix, EIA said.

U.S. net imports of crude oil and petroleum product fell from an average of 2.3 million b/d in 2018 to an average of 0.5 million b/d in 2019, and EIA estimates the United States has exported more total crude oil and petroleum products than it has imported since September. EIA forecasts that the United States will be a net exporter of total crude oil and petroleum products by 0.8 million b/d in 2020 and by 1.4 million b/d in 2021.

EIA forecasts that U.S. coal production will total 597 million short tons (MMst) in 2020, down 93 MMst (14 percent) from 2019, as a result of declining domestic demand for coal in the electric power sector and lower demand for U.S. exports.

Alex Mills is the former President of the Texas Alliance of Energy Producers.

Author Profile
Alex Mills
Contributor

Alex Mills is the former President of the Texas Alliance of Energy Producers. The Alliance is the largest state oil and gas associations in the nation with more than 3,000 members in 305 cities and 28 states.

 

Author Articles
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    I voted #USelections2020
    November 21, 2024
    Trump’s Nominees Bring Experience to Energy Issues
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Energy Prices Will Be About the Same This Winter
    October 16, 2024
    Energy Prices Will Be About the Same This Winter
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Fed building facade against stairs in city
    September 26, 2024
    Oil Industry Activity Down as Uncertainty Increases
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    White and Blue Line Paper
    September 19, 2024
    EIA Expects Oil and Natural Gas Prices to Rise
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    gas tanker, ship, nature
    September 12, 2024
    Natural Gas Sets Records for Production, Consumption, Exports
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Federal Price Controls Didn’t Work Very Well 50 Years Ago
    August 20, 2024
    Federal Price Controls Didn’t Work Very Well 50 Years Ago
InventU

In This Issue

Energies Media Summer 2025

ENERGIES Media (Summer 2025)


Dewey Follett Bartlett, Jr.: Tulsa’s Champion of Independents


Letter from the Managing Editor (Summer 2025)


Maximizing Clean Energy Tax Credits Under the Inflation Reduction Act


ENERGIES Cartoon (Summer 2025)


Why Energy Companies Need a CX Revolution


The Hidden Value in Waste Oil: A Sustainable Solution for the Future


Bringing Safety Forward in Offshore Operations


How to Deploy Next-Gen Energy Savers Without Disrupting Operations


Meeting Emergency Preparedness and Response Criteria


U.S. Oil Refineries Face Critical Capacity Test Amid Rising Demand


Energies Media Interactive Crossword Puzzle – Summer 2025


NeverNude Coveralls: A Practical Solution for Everyday Dignity


Moving Energy Across Space and Time

InventU
Gastech
  • Terms
  • Privacy

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
  • Contact

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.