by Bill McBride on 9/08/2016 01:14:00 PM
Thursday, September 08, 2016
EIA: "The average pump price for December is on track to be the lowest for the month in eight years"
The EIA released the Short-Term Energy Outlook yesterday. From the STEO:
• Benchmark North Sea Brent crude oil spot prices averaged $46/barrel (b) in August, a $1/b increase from July. This was the fourth consecutive month in which Brent spot crude oil prices averaged between $44/b and $49/b.
• Brent crude oil prices are forecast to average $43/b in 2016 and $52/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average $1/b less than Brent in 2016 and 2017.
• U.S. regular gasoline retail prices are expected to decline from an average of $2.18/gallon (gal) in August to $1.92/gal in December. For the year, U.S. regular gasoline retail prices are forecast to average $2.08/gal in 2016 and $2.26/gal in 2017.
• U.S. retail gasoline prices are expected to continue falling through the end of 2016, even though gasoline demand this year is expected to be the highest ever.
Posted by Bill McBride on 9/08/2016 01:14:00 PM