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The closing spot price for a barrel of West Texas Intermediate (WTI), the U.S. benchmark for light, sweet crude, averaged $54.95 per barrel in February ’19, down 11.7 percent from $62.23 in February ’18, according to the U.S. Energy Information Administration. During the 12 months ending February ‘19, WTI averaged $63.31 per barrel, a 20.5 percent increase from $52.55 over the corresponding period in ‘18.
Natural gas prices averaged $2.69 per million British thermal units (MMBtu) in February ’19, up marginally from $2.67 in February last year. For the past 12 months, gas prices averaged $3.11 per MMBtu, compared to $3.02 for the same period a year ago.
The U.S. Energy Information Administration (EIA) expects WTI to average $55 per barrel in ’19, down from $65 per barrel in ’18. EIA expects the Henry Hub natural gas spot prices to average $2.83/MMBtu in ’19, down 32 cents from the 2018 average.
Patrick Jankowski, CERP
Senior Vice President, Research
Roel Gabe Martinez, GISP, CERP
The EIA expects WTI to average round $55 per barrel in '19
Closing price for a barrel of WTI in February'19