Written on: October 19, 2017
Thursday, October 19, 2017
Last week, the Energy Information Administration released their Winter Fuels Outlook for the upcoming heating season. The following quotes are from that report. EIA forecasts that average household expenditures for all major home heating fuels will rise this winter because of expected colder weather and higher energy costs. U.S. heating degree days this winter are projected to be 13% higher than last winter, but lower than the 10-year average. Fuel prices are forecast to be higher than last winter.
Heating oil expenditures are expected to be 17% higher this winter compared with last winter, reflecting retail prices that are 10% higher and consumption that is 6% higher. Expenditures this winter should be about 15% lower than the previous five-winter average. Higher wholesale and retail heating oil prices are attributed to colder weather expectations, strong demand for U.S. distillate exports and lower distillate fuel inventory levels.