U.S. Annual Energy Prices

Crude prices will decline from the end of the third quarter.

Gasoline prices will experience those declines immediately, while diesel prices will be elevated during the winter months. Both diesel and gasoline prices will see little movement between the fourth quarter of 2024 and the first of 2025. US gasoline prices will average 350 cents per gallon (cpg) in the third quarter of 2024 before falling to 320 cpg over the fourth quarter of 2024 and the first quarter of 2025. Diesel prices will fall from 370 cpg in the third quarter to 360 cpg over the colder months. High run rates in the US, low maintenance levels, and the thus-far successful ramp-up of the Dangote refinery in Nigeria are all putting downward pressure on prices. US natural gas prices are broadly on the rise as export demand will increase for the next few years, bringing prices with it. US natural gas prices will increase from around $3/MMBtu in the fourth quarter of 2024 to around $5/MMBtu in the first quarter of 2025.

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