Energy Market Data - Abundant IoT

Current Energy Market Conditions and Predictions

At Abundant IoT, we help businesses navigate these evolving markets, leveraging insights to optimize energy strategies and enhance sustainability initiatives. Together, let’s harness the power of innovation and growth for a brighter, more abundant future.
Explore the latest trends shaping global energy markets in our comprehensive forecast for 2024 and 2025.

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Key Highlights

Natural Gas Storage and Prices:

Inventories are expected to remain at or below previous five-year averages through the forecast period.Henry Hub spot prices are forecast to rise from $2.20/MMBtu in 2024 to $3.10/MMBtu in 2025 and $4.00/MMBtu in 2026, driven by increased demand from liquefied natural gas exports.

Electricity Consumption:

U.S. electricity consumption is forecast to grow by 2% annually in 2025 and 2026, marking three consecutive years of growth, mainly due to increased demand in commercial and industrial sectors.

Global Oil Production:

Production is expected to grow by 1.8 million barrels per day (b/d) in 2025 and 1.5 million b/d in 2026, driven by growth in non-OPEC+ countries and a partial unwinding of OPEC+ production cuts.

Oil Prices:

Brent crude oil prices are forecast to average $74 per barrel in 2025, an 8% decrease from 2024, and fall further to $66 per barrel in 2026. WTI crude oil prices are projected to average $70 per barrel in 2025 and $62 per barrel in 2026.

U.S. Crude Oil Production:

Production is expected to grow to 13.5 million b/d in 2025 and 13.6 million b/d in 2026, with over 50% of production coming from the Permian region by 2026.

Global Oil Consumption:

Growth remains below pre-pandemic trends, with global consumption of liquid fuels increasing by 1.3 million b/d in 2025 and 1.1 million b/d in 2026, primarily driven by demand in Asia, particularly India.

U.S. Gasoline Prices:

Retail gasoline prices are expected to average $3.20 per gallon in 2025 and $3.00 per gallon in 2026, reflecting lower crude oil prices.

Electricity Generation:

Solar power will drive most of the growth in U.S. electricity generation, with 26 GW of new solar capacity added in 2025 and 22 GW in 2026. Renewable generation increases will reduce natural gas-fired power generation by 3% in 2025 and 1% in 2026. Coal generation will decline by 1% in 2025 before a slight rebound in 2026.