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EIA Expects Average Crude Oil Prices in 2020 to Fall Below 2019

Lower crude oil prices lay the foundation for stable diesel fuel prices

In its most recent Short-Term Energy Outlook, the Department of Energy’s Energy Information Administration (EIA) reports crude oil prices were down $3 per barrel in October from September and down $21 per barrel from the previous year.

“EIA expects crude oil prices will be lower on average in 2020 than in 2019 because of forecast rising global oil inventories, particularly in the first half of next year," says the report.

Lower crude oil prices lay the foundation for stable diesel fuel prices for agricultural exporters next year. Fuel surcharges for truck, rail, and barge transportation are often based on average diesel fuel prices.

Information from USDA Grain Transportation Report.

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