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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.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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