The U.S. Energy Information Administration lowered its Brent spot average price forecasts. The U.S. Energy Information Administration (EIA) lowered its Brent spot average price forecast for 2022 and 2023 in its latest short term energy outlook (STEO) report. In its October STEO, the EIA projects that the average Brent spot price will be $102.09 per barrel this year and $94.58 per barrel in 2023. Broken down quarterly, the latest EIA STEO forecasts that the Brent spot average will hit $92.98 per barrel in the fourth quarter of 2022, $93.30 per barrel in the first quarter of 2023, $93.35 per barrel in 2Q 2023, $95 per barrel in 3Q 2023, and $96.65 per barrel in 4Q 2023. In its previous September STEO, the EIA projected that the Brent spot average price would hit $104.21 per barrel in 2022 and $96.91 per barrel in 2023. In that STEO, the EIA expected […]