07 June 2011 20:25 [Source: ICIS news]
WASHINGTON (ICIS)--The US Department of Energy (DOE) on Tuesday raised its forecast marginally for oil prices for this year and next, saying that it expects US refiners will pay an average of $104/bbl for 2011 and about $108/bbl in 2012.
A month ago, the department had forecast the ?xml:namespace>
In making those slight upward adjustments from its month-earlier forecast, the department cited prospects for higher oil consumption in
However, the department’s monthly short-term energy outlook (STEO) for June said that US natural gas prices were likely to remain stable for this year at around $4.25/MMBtu, an upward revision of one cent from last month’s outlook.
The department said that
Despite those demand increases, the department’s Energy Information Administration (EIA) said that it expected the average Henry Hub spot price for natural gas to drop to $4.65/MMBtu for full-year 2012, a decline of seven cents from the administration’s May outlook.
That projected price decline for natgas was attributed to a forecast for a 4.5% increase in domestic
The department also expected
That fuel price has declined in recent weeks, the EIA said, as refineries disrupted by
Although retail gasoline prices were expected to ease from the May $3.96/gal level, the department said that consumer fuel costs would remain elevated at an average of $3.75/gal through the
That projected summertime average is almost $1 higher than the $2.76/gal price seen in the same period of 2010, the administration noted.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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