U.S. Annual Energy Prices

Energy markets have mostly recovered from the shocks of the last few years.

2024 is expected to see a modest increase in crude oil prices – from about $77 per barrel to about $80 per barrel – while natural gas prices are expected to see a modest decrease. Oil prices should bottom in the first quarter of 2024 and rise after that, peaking in the third quarter. US natural gas prices will experience their lowest point for the foreseeable future sometime over the summer. Both diesel and gasoline prices are expected to rise over the course of the year, following crude oil prices. US natural gas prices will remain muted in the first half of 2024, averaging at or below $3/MMBtu. Prices will fall in the second quarter and rise thereafter.

Ongoing global conflicts in energy-producing regions might lead to regional shortages – notably in Europe – but this depends on the severity and length of any disruptions to global trade. A milder-than-expected winter has kept prices from rising too much. The arrival of warm weather should allow producers to add to stockpiles and introduce some much-needed stability into the market.

– SIGN UP –

Receive a full version of our

construction Market Analysis

each quarter.