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U.S. crude oil production will increase to new records in 2023 and 2024
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U.S. crude oil production will increase to new records in 2023 and 2024

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In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 ...

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EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024
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EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024

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In our January Short-Term Energy Outlook (STEO), we forecast the natural gas spot price at the U.S. benchmark Henry Hub will average $4.90 per million British thermal units (MMBtu) in 2023, more than $1.50/MMBtu lower than the 2022 average. We expect prices to stay nearly the same in 2024 as dry natural gas production ...

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Crude oil prices forecast to decline beginning in the second half of 2023
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Crude oil prices forecast to decline beginning in the second half of 2023

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In our January 2023 Short-Term Energy Outlook, we forecast the Brent crude oil price (the global benchmark) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023 (1Q23). We expect this forecast increase to follow the upcoming EU ban on seaborne imports of petroleum ...

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Wholesale U.S. electricity prices were volatile in 2022
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Wholesale U.S. electricity prices were volatile in 2022

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Average wholesale electricity prices at major trading hubs in the United States rose throughout much of 2022 and were, at times, volatile as a result of extreme weather events. The limited availability of coal to substitute for higher-priced natural gas also contributed to higher electricity prices.

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Average 2022 wholesale U.S. natural gas cost more than any time since 2008
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Average 2022 wholesale U.S. natural gas cost more than any time since 2008

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In 2022, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average—in both real and nominal terms—since 2008, based on data from Refinitiv Eikon. The 2022 average Henry Hub real natural gas spot price ...

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