1 short term energy outlook february 2001 overview barring a sharp drop in world oil consumption below our current expectations no compelling case for rapidly declining prices emerges from the market figure we expect wti spot price average to remain near 30 per barrel rest of this year are likely drift downward some next perhaps losing between and 2002 balance demand supply suggests continuation tight inventory situation industrialized countries seen over last expanded heating united states comparatively warm weather northeast late has eased pressure on improved storage levels relative previous although supplies may still be considered normal come long way toward resolving any potential shortfalls natural gas was by end january what expected previously combination new cutbacks due fuel substitution industrial slowdowns as well overall conservation saved about 140 billion cubic feet more than anticipated
