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EIA Short Term Energy Outlook: Brent to Average $93/b in 2024

OIL

EIA Short Term Energy Outlook: Brent to Average $93/b in 2024

The EIA’s forecasts Brent spot price to average $90.27/b in Q4 and $93.24/b across 2024, up 1.8%, according to its Short-Term Energy Outlook.

  • Global liquid fuels production will increase by 1m b/d in 2024, the EIA said.
  • US crude oil supply is expected to rise to 13.15m b/d in 2024, compared to 12.90m b/d in 2023.
  • US Gasoline consumption is expected to fall by 1% in 2024, the lowest per capita gasoline consumption in two decades, the EIA said.
  • Looking at natural gas, Henry Hub spot prices are forecast to average $3.26/MMBtu in Q4 and to average $2.67/MMBtu in 2024.
  • LNG exports from the US are forecast to hit 12.29 bcf/d, up from 11.80 bcf/d in 2023.

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