EIA lowers 2022, 2023 global petroleum demand forecasts, lifts natural-gas price outlook
The Energy Information Administration on Tuesday lowered its average global petroleum and liquid fuels consumption forecast for 2022 to 99.8 million barrels per day from the previous forecast of 100.6 million barrels a day. For 2023, it sees global consumption averaging 101.7 million barrels per day, down from the previous forecast of 102.6 million barrels a day, according to the monthly Short-Term Energy Outlook report. The government agency, meanwhile, lifted its outlook for 2022 natural-gas prices by 32% to $5.23 per million British thermal units, and by nearly 12% to $4.01 for 2023. It also reduced its 2022 price expectations for West Texas Intermediate and Brent crude, but raised its 2023 price outlooks for both grades. In Tuesday dealings, May WTI crude oil was up $6.31, or 6.7%, to $100.60 a barrel. June Brent crude added $6.20, or 6.3%, to $104.68. May natural gas traded at $6.868 per million Btus, up 3.4%.
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