The Energy Information Administration lowered its 2023 forecasts for U.S. natural-gas and West Texas Intermediate and Brent oil prices, according to the monthly Short-Term Energy Outlook report released Tuesday. U.S. natural-gas prices will likely average $3.02 per million British thermal units this year, down 11.2% from the February forecast. The EIA said Brent oil is expected to average $82.95 a gallon this year – down 0.8% from last month’s forecast. It also lowered its 2023 WTI price forecast by 1% to $77.10 a gallon. In Tuesday dealings, April natural gas NGJ23 traded at $2.644 per million Btus, up 7.2 cents, or 2.8%. April WTI oil CLJ23 was down $2.45, or 3%, to $78.01 a barrel on the New York Mercantile Exchange amid ongoing uncertainty over the global demand outlook. May Brent crude BRNK23traded at $83.91, up $2.27, or 2.6%, on ICE Futures Europe.
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