COM - DOE short-term energy outlook points to stable oil prices falling Russian production

The Department of Energy released its short term energy outlook Tuesday, flagging heightened uncertainty, but forecasting Brent oil prices (CO1:COM) of $102/b in 2h 2022. While the oil price outlook (USO) may be of little use, the underlying assumptions shine some light on how the Administration sees energy markets developing in coming quarters:  The DOE reduced its 2022 US oil production forecast (XLE) by 20kb/d, and now sees 850kb/d of growth this year; interestingly, the Department raised its natural gas production forecast, now +4.1% in 2022, and its coal production forecast, now +7.4% in 2022. The DOE now expects Russia to produce 10.1mb/d from Q2 2022 onward, down 1.2mb/d from Q1 levels and down 0.6mb/d from the prior forecast. Demand expectations were reduced by 810kb/d globally, and the Department now sees 2.4mb/d of demand growth in 2022. It's interesting to see coal production growing faster than any other form of fossil

For further details see:

DOE short-term energy outlook points to stable oil prices, falling Russian production