Energy Commodities Price Outlook Economic Forecast

Energy Commodities Price Outlook

Energy prices regain some lost ground in May

Energy prices soared 32.8% month-on-month in May, swinging from a 27.7% contraction in April and marking the largest upturn on record and the first this year.

Energy prices rebounded strongly in May, buttressed by falling global oil production and thanks to improving demand conditions amid easing lockdowns in major economies. Whereas oil output cuts by OPEC+ and a sharp slowdown of drilling in the U.S. dominated supply side dynamics, healthier travel-related demand and recovering business activity in Asia, Europe and the U.S. supported prices via increased demand. On the other hand, prices for coking and thermal coal dived in May, defying the overall trend.

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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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