Events in January contributed to ongoing uncertainty in crude oil markets, according to the U.S. Energy Information Administration. On January 6, Brent crude oil prices closed at $70 per barrel following U.S. military operations in Iraq, the highest price since May 2019. However, as tensions in the Middle East de-escalated and market concerns over a related oil supply disruption faded, crude oil prices fell. The outbreak of the coronavirus and subsequent travel bans significantly disrupted transportation-related oil demand in China as well as other countries. This accelerated the decline in crude oil prices, despite ongoing crude oil supply disruptions in Libya. Prices closed at $54 per barrel on February 4, the lowest level since December 2018. In the February Short-Term Energy Outlook, EIA estimates the Brent crude oil price will average $58 per barrel during the first half of the year and rise to $64 per barrel during the second half of the year. Brent crude oil spot prices are expected to average $61 per barrel for 2020 as a whole.

The average retail price for propane is $1.99 per gallon, down 3-tenths of a cent from last week's price, and down 44.6 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.61 per gallon, down 4-tenths of a cent from last week, and down 20.9 cents from a year ago.

The average retail price for home heating oil fell 2.2 cents from last week to $2.91 per gallon. That's down 26.9 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.83 per gallon, down 2.1 cents from last week, and down 31.7 cents from a year ago.

The U.S. average retail price for regular gasoline rose to $2.43 a gallon on Monday. That's up 9 tenths of a penny from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline rose to $2.43 a gallon on Monday. That's up 9 tenths of a penny from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.89 a gallon on Monday. That's down 2 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.98 per gallon, down 4-tenths of a cent from last week's price, and down 44.7 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.61 per gallon, down half of a penny from last week, and down 21.2 cents from a year ago.

The average retail price for home heating oil rose by half of a penny from last week to $2.91 per gallon. That's down 31.1 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.83 per gallon, down half of a penny from last week, and down 34.8 cents from a year ago.

The U.S. average retail price for regular gasoline rose to $2.47 a gallon on Monday. That's up 3.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline rose to $2.47 a gallon on Monday. That's up 3.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.88 a gallon on Monday. That's down 8 tenths of a penny from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.98 per gallon, down 4-tenths of a cent from last week's price, and down 45.3 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.60 per gallon, down half of a cent from last week, and down 22.1 cents from a year ago.

The average retail price for home heating oil fell by 3-tenths of a cent from last week to $2.90 per gallon. That's down 33.4 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.81 per gallon, down 1.2 cents from last week, and down 37.1 cents from a year ago.

The U.S. average retail price for regular gasoline fell to $2.42 a gallon on Monday. That's down 4.3 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $2.42 a gallon on Monday. That's down 4.3 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.85 a gallon on Monday. That's down 3.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.97 per gallon, down 1.1 cents from last week's price, and down 45.3 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.59 per gallon, down 1.6 cents from last week, and down 22.3 cents from a year ago.

The average retail price for home heating oil fell by 6.8 cents from last week to $2.82 per gallon. That's down 40.6 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.73 per gallon, down 7.4 cents from last week, and down 44.9 cents from a year ago.

The U.S. average retail price for regular gasoline fell to $2.38 a gallon on Monday. That's down 4.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $2.38 a gallon on Monday. That's down 4.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.81 a gallon on Monday. That's down 3.7 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. Energy Information Administration forecasts that U.S. dry natural gas production will average 95.3 billion cubic feet per day in 2020, up 3% from 2019. However, EIA expects monthly production to generally decline through 2020, falling from an estimated 96.3 billion cubic feet per day in January to 92.3 billion cubic feet per day in December. Most of the decline in production will occur in the Appalachian and Permian regions. In the Appalachian region, low natural gas prices are discouraging drilling for natural gas. In the Permian, low oil prices are expected to reduce the associated production of natural gas from wells drilled to produce oil. In its March Short-Term Energy Outlook, EIA forecasts that U.S. dry natural gas production will average 92.6 billion cubic feet per day in 2021, down 3% from 2020. This would be the first decline in average annual natural gas production since 2016.

In its March 2020 update, the U.S. Energy Information Administration (EIA) significantly revised its Short-Term Energy Outlook for global oil supply, demand, and prices compared with the February Short-Term Energy Outlook. These updates largely resulted from updated data and assumptions about the effects of the 2019 novel coronavirus disease (COVID-19) on global oil demand and assumptions regarding the Organization of the Petroleum Exporting Countries (OPEC) crude oil production following its meeting on March 6. EIA now forecasts that OPEC will target market share instead of a balanced global oil market. As a result, EIA expects that OPEC crude oil production will increase to an average 29.1 million barrels per day in the second and third quarters of 2020. EIA forecasts that global demand for liquid fuels will grow by 0.4 million barrels per day from 2019 to 2020, down from the 1.0 million barrels per day increase EIA previously forecasted in February. The revised March estimate is driven by EIA's expectations of slowing economic growth, primarily related to the effects of the coronavirus outbreak. EIA expects the decline in global liquid fuels demand, combined with the increase in OPEC production, to result in significant global oil inventory builds in the first half of 2020-putting continued downward pressure on prices. EIA forecasts Brent oil prices will average 43 dollars per barrel in 2020 and 55 dollars per barrel in 2021.

The average retail price for propane is $1.96 per gallon, down half a cent from last week's price, and down 45.3 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.57 per gallon, down 1.8 cents from last week, and down 23.6 cents from a year ago.

The average retail price for home heating oil fell by 6.6 cents from last week to $2.76 per gallon. That's down 47.4 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.67 per gallon, down 7.3 cents from last week, and down 52 cents from a year ago.

The U.S. average retail price for regular gasoline fell to $2.25 a gallon on Monday. That's down 12.7 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $2.25 a gallon on Monday. That's down 12.7 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.73 a gallon on Monday. That's down 8.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.94 per gallon, down 2.7 cents from last week's price, and down 47 and a half cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.54 per gallon, down 3.3 cents from last week, and down 26.2 cents from a year ago.

The average retail price for home heating oil fell by 14.1 cents from last week to $2.61 per gallon. That's down 60.9 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.51 per gallon, down 15.1 cents from last week, and down 66.5 cents from a year ago.

The U.S. average retail price for regular gasoline fell to $2.12 a gallon on Monday. That's down 12.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $2.12 a gallon on Monday. That's down 12.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.66 a gallon on Monday. That's down 7.4 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.91 per gallon, down 1.8 cents from last week’s price, and down 48.6 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.51 per gallon, down 3.1 cents from last week, and down 27.4 cents from a year ago.

The average retail price for home heating oil fell by 14 and a half cents from last week to $2.45 per gallon. That’s down 76.9 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.38 per gallon, down 12.3 cents from last week, and down 79.7 cents from a year ago.

The U.S. average retail price for regular gasoline fell to $2.01 a gallon on Monday. That's down 11 1/2 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $2.01 a gallon on Monday. That's down 11 1/2 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.59 a gallon on Monday. That's down 7.3 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The average retail price for propane is $1.87 per gallon, down 3.3 cents from last week’s price, based on the residential heating fuel survey by the U.S. Energy Information Administration. Propane prices in the Midwest region averaged $1.46 per gallon, down 4.4 cents from last week.

The average retail price for home heating oil fell by 2.6 cents from last week to $2.42 per gallon, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.36 per gallon, down 2.8 cents from last week.

The U.S. average retail price for regular gasoline fell to $1.92 a gallon on Monday. That's down 8.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $1.92 a gallon on Monday. That's down 8.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.55 a gallon on Monday. That's down 3.8 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. Energy Information Administration is forecasting that U.S. energy-related carbon dioxide emissions (CO2) will decrease by 7.5% in 2020, driven by the economic slowdown and restrictions on business and travel activity related to COVID-19. This follows a 2.7% decrease in emissions in 2019. EIA forecasts that energy-related CO2 emissions will then increase by 3.6% in 2021. In its April Short-Term Energy Outlook, EIA estimates that in 2020, CO2 emissions from petroleum will decrease 7% and from coal will decrease 18.4%. EIA creates estimates of energy-related CO2 emissions based on energy consumption and on the amounts of CO2 that are released when different fuels are burned. Total CO2 emissions depend on total energy consumption and the fuel mix of the energy consumed. When it is burned, coal creates the most CO2 of the major fossil fuels. However, because more petroleum products (such as motor gasoline) are consumed than coal, petroleum is the largest source of CO2 emissions in the United States. Natural gas is the least carbon-intensive fossil fuel, but in recent years, because of its increasing consumption, it generates more U.S. CO2 emissions than coal. Non-fossil fuels such as nuclear power and renewable generation emit no direct CO2 at the end use. As these noncarbon generation sources increasingly enter the fuel mix, energy demand can be met without a proportional increase in energy-related CO2.

In its April Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that U.S. electricity generation will decline by 3% in 2020 as a result of the COVID-19 related economic slowdown. Most new generating capacity built in 2020 will use renewable energy sources. EIA expects renewable generation to grow by 11% in 2020. Although EIA expects renewable energy to be the fastest growing source of U.S. electric generation in 2020, the economic slowdown will reduce the total amount of new generating capacity over the next few months. The electric power sector will add 19.4 gigawatts of new wind capacity and 12.6 gigawatts of utility-scale solar capacity in 2020. These annual wind and solar capacity additions are 5% and 10% less, respectively, than EIA forecast in its March outlook. This update combined with EIA's forecast lower overall electricity demand, leads to a decline in U.S. fossil fuel generation, especially at coal-fired power plants. EIA expects that coal generation will fall by 20% in 2020.

As a result of the global economic slowdown related to COVID-19, the U.S. Energy Information Administration estimates that global petroleum and liquids consumption will average 95.5 million barrels per day in 2020, down 5.2 million barrels per day from 2019. EIA forecasts that U.S. oil consumption will decline 6.5% in 2020 to average 19.1 million barrels per day, which would be the largest percentage decline in U.S. consumption since 1980. At the same time, in its April 2020 Short-Term Energy Outlook, EIA expects global oil supply to increase in the coming months from first-quarter 2020 levels. Total world liquids supply will average 98.7 million barrels per day through the third quarter of 2020. These supply and demand developments are contributing to a significant increase in liquid fuels inventories. EIA estimates that second-quarter 2020 global petroleum inventories will increase an average 11.4 million barrels per day. Within the Organization for Economic Cooperation and Development, the most stocks recorded in historical data were in July 2016 at 3.1 billion barrels. EIA forecasts inventories will surpass this level as production continues to outpace consumption. EIA expects these large stock builds will put downward pressure on crude oil prices for several months. Brent crude oil prices averaged 32 dollars per barrel in March, the lowest monthly average since January 2016. EIA forecasts Brent crude oil to average 23 dollars per barrel during the second quarter of 2020 before increasing to an average 46 dollars per barrels in 2021.

In the April Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that the United States will again become a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through 2021. More net imports of crude oil and less net exports of petroleum products drove this change. EIA expects net crude oil imports to increase because as U.S. crude oil production declines, fewer barrels will be available for export. Net exports of petroleum products will be lowest in the third quarter of 2020, when U.S. refinery runs will decline significantly because of lower demand for refined products. In September 2019, the United States exported more crude oil and petroleum products than it imported for the first month since records began in 1973. EIA previously expected the United States to continue as a net exporter in most months through 2021. However, as a result of recent significant changes in global oil market dynamics, EIA now expects U.S. imports and exports will be even in 2020. It is important to note that the April outlook is subject to heightened levels of uncertainty because the impacts of the 2019 novel coronavirus disease on energy markets are evolving.

The U.S. average retail price for regular gasoline fell to $1.85 a gallon on Monday. That's down 7.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for regular gasoline fell to $1.85 a gallon on Monday. That's down 7.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.

The U.S. average retail price for on-highway diesel fuel fell to $2.51 a gallon on Monday. That's down 4.1 cents from a week ago, based on the weekly price survey by the U.S. Energy Information Administration.