www.fueloilnews.com | FUEL OIL NEWS | DEcEmbEr 2014 13
Fuels
eIA N e w s
eIA short-Term energy Outlook Highlights
Release Date: Nov. 12, 2014
• EIA projects average U.S. household
expenditures for natural gas, heating oil,
electricity, and propane will decrease
this winter heating season (Oct. 1
through March 31) compared with last
winter, which was 11% colder than
the previous 10-year average nationally.
[Editor's note: Other forecasts contra-
dict this assessment.] Projected average
household expenditures for propane
and heating oil are 27% and 15% lower,
respectively, because of lower heat-
ing demand and prices. Lower heating
demand and higher prices contribute to
natural gas and electricity expenditures
that are 5% and 2% lower than last win-
ter (see EIA Short-Term Energy
• North Sea Brent crude oil spot
prices fell from $95/barrel on Oct. 1 to
$84/bbl at the end of the month. The
causes included weakening outlooks
for global economic and oil demand
growth, the return to the market of
previously disrupted Libyan crude oil
production, and continued growth
in U.S. tight oil production. Brent
crude oil spot prices averaged $87/
bbl in October, the first month Brent
prices have averaged below $90/bbl
since November 2010. EIA projects
that Brent crude oil prices will average
$83/bbl in 2015, $18/bbl lower than
forecast in last month's STEO. There is
significant uncertainty over the crude
oil price forecast because of the range
of potential supply responses from
the Organization of the Petroleum
Exporting Countries, particularly
Saudi Arabia, and U.S. tight oil pro-
ducers to the new lower oil price envi-
ronment.
• Driven largely by falling crude
oil prices, U.S. weekly regular gasoline
retail prices averaged $2.99/gallon on
Nov. 3, the lowest level since Dec. 20,
2010. U.S. regular gasoline retail prices
are projected to continue to decline for
the remainder of the year to an aver-
age of $2.80/gal in December, $0.33/
gal lower than in last month's STEO.
EIA expects U.S. regular gasoline retail
prices, which averaged $3.51/gal in
2013, to average $3.39/gal in 2014 and
$2.94/gal in 2015.
• Total U.S. crude oil production
averaged an estimated 8.9 million bar-
rels per day in October, and monthly
