# EIA expects lower crude oil prices for the second half of 2023 and for 2024

> The EIA lowered its crude oil price forecast for the rest of 2023 and 2024 in its May Short-Term Energy Outlook. Brent had fallen from about $89 to $73 a barrel between mid-April and early May.

- Date: 2023-06-01 · published 2023-06-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A lower official price outlook signals softer energy costs ahead, which reduces expected diesel and fertilizer-linked input costs for feed production.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-02-01 | [Crude oil prices forecast to decline beginning in the second half of 2023](https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023.md) | -0.8% | -0.5% |
| BRENT | 2018-07-01 | [EIA expects Brent crude prices will average $71 per barrel in 2018, $68 per barrel in 2019](https://feedsoft.ai/events/64686-eia-expects-brent-crude-prices-will-average-71-per-barrel-in-2018-68-per-barrel.md) | -3.1% | -4.9% |
| BRENT | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.7% | -1.6% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| BRENT | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +8.0% | +7.2% |
| WTI | 2023-02-01 | [Crude oil prices forecast to decline beginning in the second half of 2023](https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023.md) | -2.2% | -1.7% |
| WTI | 2018-07-01 | [EIA expects Brent crude prices will average $71 per barrel in 2018, $68 per barrel in 2019](https://feedsoft.ai/events/64686-eia-expects-brent-crude-prices-will-average-71-per-barrel-in-2018-68-per-barrel.md) | -0.3% | -4.5% |
| WTI | 2018-02-07 | [Oil prices tank as US crude and fuel stockpiles jump](https://feedsoft.ai/events/11357-oil-prices-tank-as-us-crude-and-fuel-stockpiles-jump.md) | -6.6% | -3.7% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=56560

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.