Energy Commodities Price Outlook Economic Forecast

Energy Commodities Price Outlook

Energy prices grow modestly in October on stronger demand for heating

Energy prices rose 0.7% in October, swinging from September’s 5.8% month-on-month tumble and marking the fifth increase in prices since the height of the global lockdowns in April.

Energy prices were boosted at the start of Q4 by a surge in natural gas prices, as demand for heating picked up heading into the winter months. Moreover, the stark fall in rig counts in the first quarter of the year as prices slid and demand softened has led to a slight supply and demand imbalance, supporting natural gas prices further. Nevertheless, recovering U.S. crude oil output amid the resurgence of Covid-19 cases globally and renewed lockdown restrictions—which have weighed on economic prospects for Q4 and oil demand in turn—dented global oil prices, capping the overall gain in energy prices over the past month.

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Energy Commodities Historical Price Data

2015  2016  2017  2018  2019  
Brent Crude Oil52.42  43.83  54.26  71.01  64.32  
WTI Crude Oil48.68  43.28  50.84  64.94  56.97  
Gasoline1.94  1.44  1.72  2.04  1.96  
Natural Gas2.63  2.55  3.02  3.07  2.53  
Thermal Coal58.88  65.69  88.19  107.03  78  
Coking Coal 88.38  142.7  188.92  207.39  179.47  
Uranium36.81  26.45  22.06  24.55  25.9  
Gasoil488.16  390.61  482.81  625.62  579.12  

Note:

  • Brent Crude Oil prices in USD per barrel (bbl).
  • WTI Crude Oil prices in USD per barrel (bbl).
  • Gasoline prices in USD per gallon (gal).
  • Natural Gas prices in USD per Million of British Thermal Units (MMBtu).
  • Thermal Coal prices in USD per metric ton (mt).
  • Coking Coal prices in USD per metric ton (mt).
  • Uranium prices in USD per pound (lb).
  • Gasoil prices in USD per metric ton (mt).
  • All prices are average of period (aop).

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