The Energy Information Administration raised its 2023 price forecasts for U.S. and global crude-oil benchmarks, as well as U.S. natural gas, according to the monthly Short-Term Energy Outlook report released Wednesday, APA-Economics reports.
EIA said Brent crude is expected to average $96.91 a barrel in 2023, up 1.9% from the August forecast. West Texas Intermediate crude prices are expected to average $90.01 a barrel next year, up 2% from the previous forecast.
The EIA, however, lowered its 2022 forecasts for WTI oil by 0.6% to $98.07 and by 0.5% to $104.21 for Brent. U.S. natural-gas prices are expected to average $6.01 per million British thermal units in 2023, up 17.9% from the June forecast, the EIA said.
In Wednesday's dealings, October WTI crude oil CLV22 was down $4.12, or 4.7%, to $82.76 a barrel. November Brent crude BRNX22 fell $4.23, or 4.6%, to $88.60. October natural gas NGV22 traded at $7.826 per million Btus, down 3.9%.