# EIA revises down Brent price forecast for 2023 | Oil & Gas Journal

> The EIA's December STEO forecasts global oil inventories falling by 200,000 b/d in the first half of 2023 and rising by about 700,000 b/d in the second half. Its Brent forecast for 2023 was cut to $92/bbl, $3 lower than the prior month. US distillate margins are expected to fall 19% in 2023.

- Date: 2022-12-06 · published 2022-12-06T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38413-eia-revises-down-brent-price-forecast-for-2023-oil-and-gas-journal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A lower crude and diesel price outlook reduces energy and transport costs for feed mills, although EU restrictions on Russian petroleum products add supply uncertainty.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: 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 | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.3% | +2.1% |
| BRENT | 2021-06-15 | [Growing global production limits crude oil price increases in the most recent forecast -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/46496-growing-global-production-limits-crude-oil-price-increases-in-the-most-recent.md) | +2.9% | +4.7% |
| BRENT | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.0% | +2.5% |
| BRENT | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -2.0% | +7.9% |
| 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 | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.5% | +2.6% |
| WTI | 2021-06-15 | [Growing global production limits crude oil price increases in the most recent forecast -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/46496-growing-global-production-limits-crude-oil-price-increases-in-the-most-recent.md) | +3.8% | +6.1% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14286642/eia-revises-down-brent-price-forecast-for-2023

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