U.S. residential electricity prices are projected to increase by about 1% in 2024, marking the slowest growth rate since 2020, influenced by declining natural gas prices, which heavily contribute to electricity generation. Meanwhile, despite a current dip below $80 per barrel, Brent crude oil prices are expected to rise, driven by ongoing OPEC+ production cuts, though gasoline prices are anticipated to remain stable due to reduced U.S. consumption. This stabilization in gasoline prices, despite rising oil costs, highlights an opportunity for PRIMO to provide cost-effective logistics solutions that mitigate the impact of fluctuating fuel prices on manufacturing and transportation costs.

• Natural Gas Prices: Prices have been falling since late 2023, leading to slower growth in residential electricity costs.
• Oil Prices: Brent crude oil prices are expected to rise to about $87 per barrel by the end of the year due to OPEC+ production cuts.
• Gasoline Prices: Despite rising oil prices, gasoline prices are expected to remain lower than in 2023.
• Jet Fuel Consumption: Expected to exceed pre-pandemic levels by 2025, driven by commercial air travel demand.

Reference: bulktransporter.com