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Ohio Utica Shale

EIA releases July 2014 Short-Term Energy Outlook report

By Bob Downing Published: July 8, 2014

From the U.S. Energy Information Administration today:

U.S. Energy Information Administration Administrator Adam Sieminski issued the following comments on EIA’s July 2014 Short-Term Energy Outlook, released on Tuesday:

The full STEO can be downloaded at: http://www.eia.gov/forecasts/steo/

 

Gasoline:

“Drivers should see lower pump prices over the next few months with the average monthly price dropping to $3.61 a gallon in September.”

“Recent pump prices reflect higher crude oil costs, which rose in mid-June because of the unrest in Iraq that raised concerns over possible disruptions to the country’s oil exports.”

Crude Oil:

“Rising U.S. crude oil production is on track to cut the amount of petroleum liquid fuel imports needed to meet domestic fuel consumption in 2015 to the lowest level in 45 years.”

“Texas and North Dakota now account for almost half of total U.S. oil production, as monthly oil output in Texas recently topped 3 million barrels per day for the first time since 1977 and North Dakota’s oil production hit a record 1 million barrels per day.”

“The conflict in Iraq is expected to limit previously forecasted growth in oil exports from that country and reduce OPEC’s surplus crude oil production capacity, leading to higher average Brent crude oil prices for this year and in 2015 than EIA previously expected.”

Natural Gas:

“U.S. natural gas inventories increased at a record pace during May and June, with injections of natural gas into storage reaching 100 billion cubic feet or more for eight weeks in a row. More than 1 trillion cubic feet of natural gas has been added to storage since mid-April, marking the quickest 1-trillion-cubic-feet increase in inventories since 2003.”

Renewables:

“U.S. hydropower generation is expected to decline almost 1% this year, due in part to lower precipitation levels at the beginning of the year in the Pacific Northwest, where a large portion of the country’s hydropower is produced.”

Electricity:

“Residential electricity prices are expected to rise 3% year, the biggest increase since 2008 because of higher fuel costs for generating power.”

Coal:

“U.S. coal production is expected to grow 2.7% this year, because of higher coal demand from the power sector to generate electricity in response to a nearly 30% jump in natural gas prices from last year.”

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