Advertisement. EIA forecasts US petroleum demand to remain below 2019 levels . Compared with last month's forecast, EIA raised its natural gas consumption estimates by 2.74 Bcf/d to 87.28 Bcf/d for Q4, but lowered its estimate for Q1 by 320 MMcf/d to 93.86 Bcf/d. Despite EIA’s forecast of record end-of-October storage levels, EIA expects that rising demand heading into winter, combined with reduced production, will cause upward price pressures. EIA forecasts that Henry Hub natural gas spot prices will average $2.04/MMBtu in 2020 and $3.08/MMBtu in 2021. The agency expects US petroleum demand to climb 90,000 bpd to 20.53 million bpd in 2020, below its previous forecast for a rise of 160,000 bpd to 20.64 million bpd. By David Gaffen. The outlook comes a day after US pharmaceutical maker Pfizer announced promising results in a coronavirus vaccine study. The U.S. Energy Information Administration on Tuesday cut its 2020 world oil demand growth forecast by 80,000 barrels per day from its previous estimate. The Energy Information Administration’s (EIA) weekly statistical report showed that a proxy figure for distillate demand – most of it diesel – rose 11.8% in the week ended April 17, according to data released by the EIA on Wednesday, April 22. EIA Petroleum Update Takeaways: Demand Dropping, Inventories Rising, Diesel Resilient 04/09/20 | Stacey Morris Summary: With many Americans working from home, demand for gasoline and jet fuel is falling significantly, while diesel demand remains more resilient. Gas consumption is expected to average 78.7 Bcf/d in 2021, down 5.9%, the report said reflecting higher natural gas prices that will cut into demand for gas in the power sector. The EIA now believes demand will average 101.7 million barrels per day (b/d) in 2020, 1.0 million b/d more than the 2019 average but 378 000 b/d less than was forecast in January 2020. U.S. refiners expected the spread of coronavirus to kill demand for gasoline and jet fuel, so they rushed to produce more diesel - but now they are sitting with a glut of that product, too. For all of 2020, EIA expects US regular gasoline retail prices to average $1.86/gal and gasoline retail prices for all grades to average $1.97/gal. US EIA cuts 2021 world oil demand growth forecast. The U.S. Energy Information Administration cut its 2021 world oil demand growth forecast by 110,000 barrels per day to 5.78 million bpd. On Tuesday the EIA, part of the U.S. Department of Energy, cut its 2019 oil demand growth forecast to 1.01 million barrels a day. By FX Street Published: Dec 8, 2020 17:22 GMT | Last Modified: Dec 8, 2020 18:22 GMT FXStreet News. However, in 2020, U.S. gasoline prices were highest at the beginning of the year. Save to read list Published by Tom Mostyn, Editorial Assistant Hydrocarbon Engineering, Tuesday, 21 July 2020 10:00. U.S. EIA cuts long-term global oil demand forecast. Consumption of US liquid fuels fell in March and April 2020 as a result of reduced travel related to COVID-19 and its mitigation measures. Oil 2019, the annual IEA outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. The EIA forecast comes as world oil prices race past $100 a barrel to 2-1/2-year highs and U.S. drivers face gasoline pump prices zooming towards $4 a gallon. EIA: US petroleum demand to rise by 1.63 million bpd to 19.79 million bpd in 2021 0. Vehicle travel and gasoline demand (measured as product supplied) began to increase in May ... higher. By Reuters Staff. Global oil demand grew by 1 million b/d in August, the slowest month-on-month increase since demand started recovering from coronavirus lockdowns in May, EIA said. U.S. demand is expected to rise 180,000 bpd to 20.71 million bpd in 2021, the EIA said, compared with its previous forecast for a rise of 70,000 bpd. EIA forecasts global oil demand at 98.8 million b/d in 2021. Two statistics this past week signaled that diesel demand may be picking up, suggesting that trucking demand might be as well. The number of operable refineries in the United States, excluding U.S. territories, had held steady at 135 in 2019, according to EIA. Abstract: The forecasting of the energy demand has a crucial role in the long-term development of the electrical network and power management. EIA lowers 2020 oil demand forecast amid high uncertainties. EIA expects 2020 summer U.S. electricity demand to be lowest since 2009 tags: STEO consumption/demand Canada is the largest source of U.S. energy imports The lower forecast gasoline prices reflect lower forecast crude oil prices and significantly lower gasoline demand in the second quarter of 2020 driven by COVID-19 travel restrictions and disruptions to domestic economic activity. Demand for petroleum products such as diesel also has helped drive commodity prices higher due to the surge in deliveries to shoppers buying online during during the pandemic. EIA forecasts U.S. petroleum demand will remain below 2019 levels for several more months. Firmer demand growth as the global economy begins to recover and slower supply growth will contribute to global oil inventory draws beginning in the fourth quarter of 2020. 1 Min Read. EIA now sees China demand growing 1 million b/d next year, down from 1.5 million b/d in last month's forecast, it said Sept. 9 in its latest Short-Term Energy Outlook. U.S. crude, diesel stocks pile up on lackluster fuel demand: EIA. 7/22/2020 . US demand is expected to rise 180,000 bpd to 20.71 million bpd in 2021, the EIA said, compared with its previous forecast … After on Friday OPEC slashed its oil demand outlook for this year by 230,000 bpd, the Energy Information Administration followed, revising its global oil demand forecast for 2020 EIA crude and patrolling forecasts for the current month released The price of WTI crude oil futures are currently trading down $0.18 or -0.39% at $45.57 By Greg Michalowski Consumption of U.S. liquid fuels fell in March and April 2020 as a result of reduced travel related to COVID-19 and its mitigation measures. 4 Min Read * Global oil demand to grow 25 million bpd by 2035 * Developing nations make up 84 pct energy demand growth * … On Tuesday, the EIA updated its Short-Term Energy Outlook, forecasting a decline in full-year 2020 US production of 0.5 MMBpd to 11.8 MMBpd on average for the year. 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