Posted by: youngragingbull | February 12, 2013

EIA increases Brent oil & gasoline forecasts

The U.S. Energy Information Administration on Tuesday raised its Brent crude-oil and gasoline price forecasts for this year and next, from its January estimates.

Brent crude-oil spot prices are likely to average $109 a barrel in 2013 and $101 in 2014, the EIA said in its short-term energy outlook report. In January, it forecast an average of $105 in 2013 and $99 in 2014.

The report also said regular U.S. retail gasoline prices were set to fall from an average $3.63 a gallon last year to $3.55 this year and $3.39 in 2014. The figures were higher than January’s estimates of $3.44 for this year and $3.34 in 2014.

The EIA kept its forecast for a rise in 2013 total average U.S. crude-oil production to 7.3 million barrels per day this year, from 6.4 million barrels per day in 2012.



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