The US Energy Information Administration (EIA) has released its February update to the agency’s monthly Short Term Energy Outlook. As with virtually all things related to energy, there’s good news and not-so-bad news.
The bad news is that the agency expects WTI crude prices to average more than $100/barrel in 2012, about $6/barrel higher than 2011. It is well to remember, however, that the differential between WTI and Brent crudes is more of a price driver for gasoline than just the per barrel price of WTI.
The not-so-bad news is that the price of natural gas is expected to dip by -11%, propane costs are expected to fall -5%, and heating oil costs are expected to fall by -1%.
According to the EIA, there is a 25% chance that gasoline pump prices will be $4/gallon or more by July, but the 2012 average is expected to be $3.55/gallon.
The revised outlook is here.
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