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We expect Henry Hub natural gas spot price to average under $3.00/MMBtu in 2024 and 2025

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We expect the U.S. benchmark natural gas spot price at the Henry Hub to average under $3.00 per million British thermal units (MMBtu) in 2024 and 2025 in our January Short-Term Energy Outlook (STEO). The annual average Henry Hub prices in 2024 and 2025 increase from 2023 in our forecast because we expect natural gas ...

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EIA expects relatively flat crude oil prices in 2024 and 2025

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We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years. We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, ...

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We expect solar will supply almost all growth in U.S. electricity generation through 2025

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We expect solar electric generation will be the leading source of growth in the U.S. electric power sector. In our January Short-Term Energy Outlook (STEO), which contains new forecast data through December 2025, we forecast new capacity will boost the solar share of total generation to 5.6% in 2024 and 7.0% in 2025, ...

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U.S. battery storage capacity expected to nearly double in 2024

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U.S. battery storage capacity has been growing since 2021 and could increase by 89% by the end of 2024 if developers bring all of the energy storage systems they have planned on line by their intended commercial operation dates. Developers currently plan to expand U.S. battery capacity to more than 30 gigawatts (GW) ...

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Canada’s Trans Mountain Pipeline expansion reportedly 95% complete

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Work on Canada's Trans Mountain Pipeline expansion project is reportedly over 95% complete. When it comes onstream, the expansion will nearly triple the pipeline's current 300,000 barrels per day (b/d) capacity to move crude oil from oil sands in landlocked Alberta to Canada's Pacific Coast for export to new customers ...

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U.S. Henry Hub natural gas prices in 2023 were the lowest since mid-2020

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The U.S. benchmark Henry Hub natural gas price averaged $2.57 per million British thermal units (MMBtu) in 2023, about a 62% drop from the 2022 average annual price, according to data from Refinitiv Eikon. Record-high natural gas production, flat consumption, and rising natural gas inventories contributed to lower ...

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In 2023, U.S. annual average retail gasoline prices were 40 cents a gallon lower than 2022

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U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. Compared with the last ...

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Brent crude oil prices averaged $19 per barrel less in 2023 than 2022

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The price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding. Global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the EU, and global crude oil demand fell short of expectations. Those dynamics offset ...

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Today In Energy Announcement

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We are excited to announce changes to Today in Energy (TIE).

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California leads the United States in electric vehicles and charging locations

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California has led the United States in the number of electric vehicles (EVs) and EV charging locations every year since 2016, accounting for 37% of U.S. registered light-duty EVs and 27% of EV charging locations at the end of the year in 2022, according to new estimates in our State Energy Data System (SEDS).

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