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The closing spot price for West Texas Intermediate (WTI), the U.S. benchmark for light, sweet crude, averaged $37.32 per barrel during the last week of October ’20, down 32.4 percent from $55.20 for the same period in ’19, according to the U.S. Energy Information Administration (EIA). Prices fell in October as previously disrupted crude oil production in Libya came back online. Reduced economic activity related to the COVID-19 pandemic continues to affect energy demand, with recent increases in COVID-19 cases across the globe possibly contributing to reduced demand.
During the 12 months ending October ’20, WTI averaged $41.64 per barrel, a 25.8 percent decrease from $56.12 over the corresponding period in ’19.
During the first week of November ’20, Henry Hub natural gas spot prices averaged $2.78 per million British thermal units (MMBtu). In October ’20, monthly natural gas prices averaged $2.39 per MMBtu, up 2.6 percent from $2.33 in October last year. Higher natural gas spot prices reflected stronger demand for liquefied natural gas (LNG) exports as LNG terminals increased liquefaction following hurricane-related disruptions in August and September. For the past 12 months, gas prices averaged $2.01 per MMBtu, compared to $2.84 for the same period in ’19.
The U.S. Energy Information Administration (EIA) expects WTI to average $38.24 per barrel in ’20. EIA expects Henry Hub natural gas spot prices to average $2.14/MMBtu in ’20.
Perpared by Greater Houston Partnership Research Department
Patrick Jankowski, CERP
Senior Vice President, Research
Closing price for a barrel of WTI in late-October '20
The EIA expects WTI to average $38.24 per barrel in '20
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