Brent crude oil prices traded in a narrow range in 2024
Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. Adjusting the trading range for inflation, last year was the narrowest since 2003. Strong global growth in production of oil and slower demand growth put downward pressure on prices, while heightened geopolitical risks and voluntary production restrictions among OPEC+ members supported them. These offsetting factors kept oil prices within a narrow range.
U.S. gasoline prices this Thanksgiving are at their lowest since 2020
On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.
Northwest U.S. and western Canadian natural gas prices trade at historic lows in 2024
Monthly average natural gas spot prices at northwestern U.S. and western Canada border pricing hubs reached historic lows in 2024 through October, according to data from Natural Gas Intelligence. Robust natural gas production in western Canada, where output has generally increased over the last two years, and high natural gas inventories in the region contributed to the low prices.