The Energy Information Administration reduced its 2022 and 2023 price forecasts for U.S. and global crude-oil benchmarks, and cut its estimate for this year’s natural-gas prices, according to the monthly Short-Term Energy Outlook report released Tuesday. The EIA said this year’s Brent crude is expected to average $104.05 a barrel, down 3.1% from the June forecast. West Texas Intermediate crude prices are expected to average $98.79 a barrel, down 3.6% from the previous forecast. The EIA also lowered its 2023 forecasts for WTI oil by 3.7% to $89.75 and by 3.6% to $93.75 for Brent. U.S. oil production is expected to average 12.8 million barrels per day in 2023, down 1.5% from June forecast, the EIA said. Meanwhile, it reduced its outlook for 2022 natural-gas prices by 18.7% to $6.02 per million British thermal units. In Tuesday dealings, August WTI crude oil was down $7.79, or 7.5%, to $96.30 a barrel. September Brent crude fell $7.31, or 6.8%, to $99.79. August natural gas traded at $6.241 per million Btus, down 2.9%.
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