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Henry Hub natural gas price and NYMEX 95% confidence intervals January 2019 STEO – December 2020 STEO Short-Term Energy Outlook

Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

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Page 1: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

Henry Hub natural gas price andNYMEX 95% confidence intervals

January 2019 STEO – December 2020 STEO

Short-Term Energy Outlook

Page 2: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval January 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval January 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 3: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval February 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval February 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 4: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval March 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval March 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 5: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval April 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval April 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 6: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval May 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval May 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 7: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval June 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval June 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 8: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval July 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval July 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 9: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval August 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval August 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 10: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval September 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval September 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 11: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval October 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval October 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 12: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval November 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval November 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 13: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval December 2019

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval December 2019

Source: EIA Short-Term Energy Outlook, December 2020

Page 14: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval January 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval January 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 15: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval February 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval February 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 16: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval March 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval March 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 17: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval April 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval April 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 18: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval May 2020

Source: EIA Short-Term Energy Outlook, December 2020. Note: data not available from NYMEX.

Historical Henry Hub price and 95% NYMEX Confidence Interval May 2020

Source: EIA Short-Term Energy Outlook, December 2020. Note: data not available from NYMEX.

Page 19: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval June 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval June 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 20: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval July 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval July 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 21: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval August 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval August 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 22: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval September 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval September 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 23: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval October 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval October 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 24: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval November 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval November 2020

Source: EIA Short-Term Energy Outlook, December 2020

Page 25: Henry Hub natural gas price and NYMEX 95% confidence ...$0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 2021 Actual historical price Unrealized historical price 95% confidence interval Historical

$0

$1

$2

$3

$4

$5

$6

$7

$8

2018 2019 2020 2021

Actual historical priceUnrealized historical price95% confidence interval

Historical Henry Hub price and 95% NYMEX Confidence Interval December 2020

Source: EIA Short-Term Energy Outlook, December 2020

Historical Henry Hub price and 95% NYMEX Confidence Interval December 2020

Source: EIA Short-Term Energy Outlook, December 2020