Table 14.  Natural Gas Wellhead Prices: AEO Forecasts, Actual Values, and Absolute and Percent Errors, 1985-1998

Publication

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

Average Absolute Error

(Nominal Dollars per Thousand Cubic Feet)

AEO82

4.15

5.10

6.02

6.55

6.83

7.11

               

4.09

AEO83

2.87

2.98

3.25

3.60

4.10

4.64

       

9.31

     

2.57

AEO84

2.76

2.82

3.07

3.39

3.81

4.34

       

7.15

     

2.08

AEO85

2.60

2.59

2.61

2.62

2.84

3.20

3.62

4.07

4.51

5.00

5.53

     

1.74

AEO86

 

1.73

1.96

2.29

2.55

2.82

3.14

3.64

4.12

4.66

5.24

5.81

6.36

6.82

2.12

AEO87

   

1.83

1.96

2.12

2.30

2.49

2.70

2.98

3.29

3.69

     

0.86

AEO89

     

1.62

1.71

1.90

2.10

2.49

2.86

3.18

3.49

4.10

4.35

4.65

1.11

AEO90

       

1.78

1.89

       

2.70

     

0.47

AEO91

         

1.77

1.91

2.12

2.29

2.38

2.43

2.48

2.56

2.65

0.40

AEO92

           

1.69

1.86

2.04

2.14

2.32

2.43

2.61

2.80

0.33

AEO93

             

1.85

1.92

2.06

2.25

2.35

2.47

2.63

0.31

AEO94

               

1.99

2.13

2.27

2.40

2.56

2.65

0.37

AEO95

                 

1.90

1.99

1.93

2.03

2.09

0.23

AEO96

                   

1.64

1.74

1.85

1.95

0.25

AEO97

                     

2.02

1.81

1.86

0.26

AEO98

                       

2.29

2.16

0.12

AEO99

                         

2.12

0.16

Actual Value

2.51

1.94

1.67

1.69

1.69

1.71

1.64

1.74

2.04

1.85

1.55

2.17

2.32

1.96

 

Average Absolute Error

0.58

1.19

1.45

1.48

1.53

1.62

0.85

0.93

0.84

1.12

2.30

0.82

0.83

1.00

1.24

(Percent Error)

AEO82

65.2

163.1

260.4

287.8

304.0

315.8

               

232.7

AEO83

14.5

53.5

94.7

113.3

142.5

171.1

       

500.6

     

155.7

AEO84

9.9

45.6

83.6

100.7

125.2

153.9

       

361.4

     

125.7

AEO85

3.6

33.5

56.1

55.3

67.9

87.1

121.0

133.8

121.3

170.3

256.5

     

100.6

AEO86

 

-10.8

17.2

35.3

50.8

65.0

91.4

108.9

102.2

151.6

238.2

168.0

173.9

247.7

112.4

AEO87

   

9.6

15.9

25.2

34.4

52.1

54.9

45.9

77.7

137.9

     

50.4

AEO89

     

-4.1

1.1

11.3

28.2

42.8

40.1

72.1

125.5

88.7

87.7

137.3

58.1

AEO90

       

5.3

10.5

       

74.0

     

29.9

AEO91

         

3.5

16.6

21.6

12.2

28.7

57.1

14.3

10.5

35.3

22.2

AEO92

           

3.3

6.8

-0.1

15.9

49.7

12.1

12.5

42.6

17.9

AEO93

             

6.3

-5.9

11.5

45.4

8.4

6.3

34.3

16.9

AEO94

               

-2.4

15.3

46.3

10.5

10.2

35.2

20.0

AEO95

                 

2.4

28.4

-11.0

-12.3

6.6

12.1

AEO96

                   

5.6

-19.8

-20.4

-0.3

11.5

AEO97

                     

-7.1

-22.1

-5.2

11.5

AEO98

                       

-1.2

10.4

5.8

AEO99

                         

8.3

8.3

Average Absolute Percent Error

23.3

61.3

86.9

87.5

90.2

94.7

52.1

53.6

41.3

60.6

148.2

37.8

35.7

51.2

70.2

AEO = Annual Energy Outlook.
Note: AEO82 projections given in Btu were converted to trillion cubic feet using a conversion factor of 1.03.
Sources: Actual Values: Energy Information Administration (EIA), Annual Energy Review 1998, DOE/EIA-0384(98) (Washington, DC, July 1999). Projections: EIA, Annual Energy Outlook, DOE/EIA-0383(82-99) (Washington, DC, April 1983 - December 1998).