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The EIA's 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 EIA's 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 EIA's 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 EIA's 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.

The EIA Short-Term Energy Outlook report states that U.S. oil production averaged 13.49 million barrels per day in January, down from 13.52 million barrels per day in December; February oil production is projected to average 13.38 million barrels per day.

White House Press Secretary Levitt: Ford Motor Company (FN) is expected to release an announcement today, stating that Ford will increase employment and natural gas production.

Nvidia (NVDA.O) shares rose to 1%.

Thermo Fisher CEO: The company will remain cautious in the academic and government end markets this year.

EU officials: The EU's foreign policy body has summoned the Iranian ambassador.

The South African government says it is still in contact with the United States regarding a trade agreement.

Ship data shows that a third supertanker is about to leave Venezuela to transport crude oil to storage facilities in the Caribbean.

The South African trade minister welcomed the U.S. House of Representatives' approval of the extension of the African Growth and Opportunity Act.

Thermo Fisher CEO: The return of the pharmaceutical industry to the United States will be a tailwind for the industry in 2027 and 2028.

Thermo Fisher CEO: Biotechnology financing is improving, and we are seeing some announcements that are creating an investment cycle.

Kazakhstan's Ministry of Energy has confirmed that oil shipments through the CPC maritime terminal experienced a brief decline in December due to drone attacks.

Thermo Fisher CEO: The company will actively deploy advanced artificial intelligence capabilities to further reduce costs.

Moderna (MRNA.O) surged 12%, after falling 1.3% in the previous trading session.

The U.S. Department of Labor will release import and export price data for January and preliminary productivity data for the fourth quarter on March 5.

Nvidia (NVDA.O) shares narrowed their gains to 0.3%.