EIA Short-Term Energy Outlook Looks Positive for Winter Electricity, Natural Gas
The US Energy Information Administration (EIA) issued its October 2014 Short-Term Energy Outlook, forecasting that temperatures this winter will be warmer than last winter, which will result in less demand for heat. Although electricity prices are expected to be higher this winter, the warmer temperatures and lessened demand will keep costs in check.
EIA also said US natural gas inventories have recovered from their big drawdown last winter and are expected to exceed 3.5 trillion cubic feet at the start of this year’s heating season. Rising domestic natural gas production this year, along with a mild summer that resulted in less electricity generation to meet air conditioning demand, contributed to the record build in natural gas inventories.
Even if this winter is as cold as last year’s, the net withdrawal from natural gas inventories over the heating season would not be as large as last winter’s drawdown because domestic gas production this winter is expected to be significantly higher than it was last winter.
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