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Nov. 13, 2019, 12:36 p.m. EST

EIA lifts forecasts for U.S. oil output and prices, raises 2019 natural-gas price view

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By Myra P. Saefong

The U.S. Energy Information Administration raised its forecasts for U.S. crude-oil production and prices for this year and next, according to the Short-Term Energy Outlook report released Wednesday . The EIA forecasts 2019 U.S. crude production of 12.29 million barrels a day, up 0.2% from the October forecast. It also raised its 2020 U.S. output forecast by 0.9% to 13.29 million barrels a day. The agency also lifted its West Texas Intermediate 2019 and 2020 price forecasts by 0.3% each to $56.45 and $54.60, respectively. Natural-gas prices, meanwhile, are forecast to average $2.61 per million British thermal units this year, up 1.6% from the previous forecast but next year, the EIA sees an average $2.48 price, down 1.3% from the previous forecast. December WTI added 53 cents, or 0.9%, to $57.33 a barrel. December natural gas traded at $2.575 per million Btus, down 4.6 cents, or 1.8%.

Read the full story:
Oil futures rise, looking to recoup losses from back-to-back declines

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