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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 $51.38 per barrel in January ’19, down 19.3 percent from $63.70 in January ’18, according to the U.S. Energy Information Administration. During the last 12 months, the WTI averaged $63.91, a 23.3 percent increase from $51.82 for the same span a year before.
Natural gas prices averaged $3.11 per million British thermal units (MMBtu) in January ’19, down 19.6 percent from $3.87 in January last year. For the past 12 months, gas prices averaged $3.10 per MMBtu, compared to $3.03 for the same period a year ago.
The U.S. Energy Information Administration (EIA) expects WTI to average around $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
Melissa Verhoef, PhD
The EIA expects WTI to average round $55 per barrel in '19
Closing price for a barrel of WTI in January '19