08 February 2011 20:10 [Source: ICIS news]
WASHINGTON (ICIS)--The price of ?xml:namespace>
The department’s Energy Information Administration (EIA) noted that its predicted $93/bbl average price for WTI for this year represents a $14/bbl increase over the full-year average of $79/bbl seen in 2010.
In natural gas, the administration said it was forecasting a full-year average price of $4.16/MMBtu for 2011, which would be 22 cents lower than last year’s average spot price for Henry Hub natural gas.
However, the EIA said it expects the
Natural gas is a major feedstock for US petrochemical producers and downstream chemical makers, and the industry also depends heavily on natural gas as an energy fuel.
In its monthly short-term energy outlook (STEO), the administration said that in 2012, natural gas consumption by the electric power sector would increase by 2.9% and by 1.2% in the industrial sector.
Those increases would be partially offset by slight declines in residential and commercial consumption of gas, the EIA said.
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