Contents
Forecast highlights 1
Petroleum and natural gas markets review 3
Crude oil 3
Petroleum products 7
Natural gas 9
Notable forecast changes 11
Table WF01. Average Consumer Prices and Expenditures for Heating Fuels During the Winter 26
Table 1. U.S. Energy Markets Summary 28
Table 2. Energy Prices 29
Table 3a. International Petroleum and Other Liquids Production, Consumption, and Inventories 30
Table 3b. Non-OPEC Petroleum and Other Liquids Supply 31
Table 3c. OPEC Crude Oil (excluding condensates) Supply 32
Table 3d. World Petrioleum and Other Liquids Consumption 33
Table 4a. U.S. Petroleum and Other Liquids Supply, Consumption, and Inventories 34
Table 4b. U.S. Hydrocarbon Gas Liquids (HGL) and Petroleum Refinery Balances (except inventories and utilization factor) 35
Table 4c. U.S. Regional Motor Gasoline Prices and Inventories 36
Table 5a. U.S. Natural Gas Supply, Consumption, and Inventories 37
Table 5b. U.S. Regional Natural Gas Prices 38
Table 6. U.S. Coal Supply, Consumption, and Inventories 39
Table 7a. U.S. Electricity Industry Overview 40
Table 7b. U.S. Regional Electricity Retail Sales 41
Table 7c. U.S. Regional Retail Electricity Prices 42
Table 7d. U.S. Regional Electricity Generation, All Sectors 43
Table 7e. U.S. Regional Fuel Consumption for Electricity Generation, All Sectors 44
Table 8. U.S. Renewable Energy Consumption 45
Table 9a. U.S. Macroeconomic Indicators and CO₂ Emissions 46
Table 9b. U.S. Regional Macroeconomic Data 47
Table 9c. U.S. Regional Weather Data 48
Figure 1. Crude oil front-month futures prices 3
Figure 2. Oil production by region 4
Figure 3. Crude oil front-month-13th month futures price spread 5
Figure 4. Brent prices adjusted for different currencies 7
Figure 5. Historical RBOB futures prices and crack spread 8
Figure 6. Historical ULSD futures prices and crack spread 8
Figure 7. Gasoline-to-distillate production ratio 9
Figure 8. Actual minus historical average HDD and CDD 10
Figure 9. Difference between January and November natural gas futures prices in October 11