The U.S. Energy Information Administration raised the 2021 and 2022 forecasts for West Texas Intermediate and Brent crude oil prices in their short-term Energy Outlook report released Tuesday. The EIA raised the 2021 WTI oil price forecast at $ 50.21 a barrel, up 1% from the January view, and raised the 2022 forecast 3.5% to $ 51.56. It also raised its Brent crude price forecasts 0.9% to $ 53.20 for 2021 and 3.3% to $ 55.19 for 2022. The group expects U.S. crude production of 11.02 million barrels per day this year, down 0.8% from the previous estimate. At the same time, the EIA cut the 2021 forecast for natural gas prices to $ 2.95 per million British thermal units, down 2.1% from the previous forecast. In Tuesday trading, March WTI oil CLH21,
it went up 38 cents, or 0.7%, at $ 58.35 a barrel. April Brent BRNJ21,
56 cents, or 0.9%, rose to $ 61.12 a barrel. Natural gas March NGH21,
peeled 6 cents, or 2.1%, to $ 2.822 per million British thermal units.