EIA lowers its 2024 price forecasts for WTI and Brent oil, and U.S. natural gas

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,
+0.50%
down $2.91, or 4.1%, to $68.41 a barrel on the New York Mercantile Exchange and February Brent crude
BRNG24,
+0.61%
down $2.79, or 3.7%, to $73.24 a barrel on ICE Futures Europe. January natural gas
NGF24,
+1.41%
on Nymex traded at $2.363 per million BTUs, down 2.8%.