EIA lifts 2023 oil-price forecasts, but cuts natural-gas price outlook

The Energy Information Administration raised its 2023 forecasts for WTI and Brent oil, but reduced its outlook for U.S. natural-gas prices, according to the monthly Short-Term Energy Outlook report released Tuesday. The EIA said Brent oil is expected to average $83.63 a gallon this year — up 0.6% from the January forecast. The government agency also lifted its 2023 West Texas Intermediate forecast by 0.9% to $77.84 a gallon. U.S. natural-gas prices, meanwhile, will likely average $3.40 per million British thermal units this year, down 30.5% from the January forecast. For 2024, the EIA cut its natural-gas price forecast by 15.8% to $4.04. In Tuesday dealings, March WTI oil
CLH23,
+3.87%
rose $2.58, or 3.5%, to $76.69 a barrel and March natural gas
NGH23,
+3.17%
traded at $2.527 per million Btus, up nearly 2.9% on the New York Mercantile Exchange. April Brent crude
BRNJ23,
+3.27%
traded at $2.32, up 2.8%, or $83.31, on ICE Futures Europe.