Crude oil prices will average around $92/barrel over the second and third quarters before declining to $81/barrel in 2025, and natural gas prices will start rising again but will remain relatively low until 2025 as additional export capacity comes online, provided by the IHS Markit database.

Henry Hub prices will average just below $2/MMBtu for the second quarter before rising to $2.40/MMBtu in the third quarter and $2.70/MMBtu in the fourth quarter. Prices increase more dramatically thereafter, rising from $2.25/MMBtu in 2024 to nearly $4/MMBtu in 2025 and nearly $6/MMBtu in 2026. Diesel prices will see only a small decline in the fourth quarter, with prices having fallen off over the year and seasonal demand counteracting weak crude prices, and gasoline prices will fall in the fourth quarter.