The U.S. Energy Information Administration reduced its 2024 forecasts for U.S. and global benchmark oil prices, and U.S. natural gas, in a monthly report released Tuesday. The EIA said Brent crude is expected to average $82.57 a barrel in 2024, down 11.4% from the November forecast. The EIA also cut its 2024 forecast for West Texas Intermediate crude prices by 12.5% to $78.07 a barrel. For U.S. natural gas, the government agency forecast prices in 2024 at $2.79 per million British thermal units, down 14.3% from the previous forecast. Oil prices continued to trade sharply lower, with January WTI crude CLF24 down $2.91, or 4.1%, to $68.41 a barrel on the New York Mercantile Exchange and February Brent crude BRNG24 down $2.79, or 3.7%, to $73.24 a barrel on ICE Futures Europe. January natural gas NGF24 on Nymex traded at $2.363 per million BTUs, down 2.8%.
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