The EIA maintains most of its short-term energy forecasts in February with a few changes:

• US oil production is expected to be slightly stronger in 2025 at 13.6 million b/d, up from 13.5 million b/d in the January STEO.

• A streak of cold weather in January pushed the forecast for Henry Hub natural gas prices in 2025 from $3.00 in the January STEO to $3.80 in the February STEO as inventories see above-average draws in January. Natural prices are expected to reach $4.20 in 2026.
• The distillate fuel oil inventory forecast was revised down from 118.4 mil bbls in January to 112.2 mil bbls in February on expectations of strong demand.