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The EIAs Short-Term Energy Outlook report projects natural gas prices at $3.59 per barrel in 2026, down from a previous forecast of $4.17 per barrel.On January 14th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which stated that it predicts electricity consumption will increase by 1% in 2026 and 3% in 2027. This would be the first consecutive four-year period of growth since 2005-07, and the strongest four-year period since the turn of the century. In its forecast, the increase in electricity consumption is primarily driven by growing electricity demand from the commercial and industrial sectors. Solar power will contribute the largest increase in generation during the forecast period. It expects an additional 69 gigawatts of solar capacity to be installed during the forecast period, driving a 21% increase in solar power generation in both 2026 and 2027. It expects natural gas power generation to remain flat in 2026 and increase by 1% in 2027. Coal-fired power generation is expected to decline by 9% in 2026, followed by a decline of less than 1% in 2027.The EIAs Short-Term Energy Outlook report projects global oil production at 107.7 million barrels per day in 2026, up from the previous forecast of 107.4 million barrels per day; and projects production at 108.2 million barrels per day in 2027.The EIAs Short-Term Energy Outlook report projects U.S. oil demand at 20.6 million barrels per day in 2026, unchanged from the previous forecast; and projects demand at 20.7 million barrels per day in 2027.The EIAs Short-Term Energy Outlook report projects global oil demand at 104.8 million barrels per day in 2026, down from the previous forecast of 105.2 million barrels per day; and projects demand at 106.1 million barrels per day in 2027.

ETH to Target $1,800 on ETH Staking Stats and BTC Return to $25,000

Jimmy Khan

Feb 21, 2023 15:19

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On Sunday, Ethereum (ETH) decreased by 0.71%. After losing 0.12% on Saturday, ETH gained 10.89% for the week to close at $1,680. ETH returned to $1,700 for a fourth session in a row.


Following a range-bound morning, ETH increased to a high of $1,727 in the late afternoon before going back down. Before dropping to a low of $1,667, ETH broke through the First Major Resistance Level (R1) at $1,711. Before partially regaining its footing to close the day at $1,680, ETH briefly breached the First Significant Support Level (S1) at $1,677.


Bitcoin's (BTC) price dropped by 1.42% on Sunday. Bitcoin gained 0.21% on Saturday but lost everything on Sunday, rising 11.53% to $24,284. Bitcoin returned to the $25,000 level for the third time in four sessions despite the negative session.


After a range-bound morning, Bitcoin surged to a high of $25,209 in the late afternoon. Before going backward, BTC passed through the First Major Resistance Level (R1) at $24,857 and the Second Major Resistance Level (R2) at $25,082. Bitcoin dropped to a late low of $24,221 after the reversal. At $24,429, BTC breached the First Significant Support Level (S1), closing the day at $24,284. The downside was mitigated by the Second Significant Support Level (S2) at $24,226.

Shanghai Hard Fork Hope Overpowers Fed Fear

There were no updates from engineers working on the Shapella testnet on Sunday. The lack of quiet on Sunday put ETH on the back foot as the anticipated Shanghai hard fork approached.


Yet, the upside was mitigated by market confidence. Updates from the Shanghai hard fork have been good despite delays to the Ethereum Merge. The recent SEC action against US staking services has put stakeholder opinions on the hard fork to the test.


Since the Kraken settlement with the SEC, ETH staking inflows have been inconsistent, generating doubt about whether the Shanghai hard fork would result in an ETH price breakout.


CryptoQuant reports that daily ETH staking inflows reached a low of 4,896 ETH on February 23 before increasing. The inflows peaked at 33,280 EHT on February 14 before declining. The amount of ETH staked as of February 19 was 16,800 ETH.



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