Energy Commodities Price Outlook Economic Forecast

Energy Commodities Price Outlook

Energy prices plunge on crumbling oil demand in February

Energy prices slumped 10.1% month-on-month in February, after falling 3.0% in the opening month of the year and marking the sharpest contraction in eight months.

Global  oil prices plummeted throughout February as the fast-spreading coronavirus pandemic severely disrupted business  activity in China and caused increasing economic havoc in the EU and U.S. In response to a hastening economic downturn, oil demand plummeted sharply in the month, which, coupled with growing fears of a global recession in the months ahead and still-elevated oil production levels, sent oil prices tumbling. Similarly, natural gas prices fell markedly in February on soft demand amid warmer-than-usual weather.

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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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