An overview of the key points of the EIA short-term energy outlook report: a substantial increase in the U.S. and Burundi oil price expectations for this year and next, a slight increase in natural gas price expectations for next year; a slight increase in U.S. crude oil production expectations for this year and next.

EIA Short-Term Energy Outlook Report: U.S. average natural gas consumption is expected to reach a record high of 80.5 billion cubic feet per day in September, an increase of 5% from the same period last year.

Reuters poll: 23 of 28 economists said the bigger risk is that the Federal Reserve cuts interest rates for the first time later than expected.

Reuters poll: 58 of 87 respondents said the Fed will wait until at least the end of March before cutting interest rates.

EIA Short-Term Energy Outlook Report: Brent crude oil prices are expected to average $93/barrel in the fourth quarter of 2023, up from the previous forecast of $86/barrel.

EIA Short-Term Energy Outlook Report: U.S. natural gas consumption is expected to be 89.72 billion cubic feet per day in 2023, compared with the previous forecast of 89.34 billion cubic feet per day. U.S. natural gas consumption is expected to be 88.84 billion cubic feet per day in 2024, compared with the previous forecast of 87.88 billion cubic feet per day.

EIA Short-Term Energy Outlook Report: U.S. natural gas (dry gas) production is expected to be 102.69 billion cubic feet per day in 2023, compared with the previous expectation of 102.98 billion cubic feet per day. U.S. natural gas (dry gas) production is expected to be 104.93 billion cubic feet per day in 2024, compared with the previous forecast of 104.13 billion cubic feet per day.

EIA Short-Term Energy Outlook: Natural gas prices are expected to be $2.58/million British thermal units in 2023, compared with the previous forecast of $2.58/million British thermal units. Natural gas prices are expected to be $3.24/MMBtu in 2024, compared with the previous forecast of $3.22/MMBtu.

EIA Short-term Energy Outlook Report: U.S. crude oil consumption is expected to be 20.14 million barrels per day in 2023, compared with the previous expectation of 20.47 million barrels per day. EIA Short-Term Energy Outlook Report: U.S. crude oil consumption is expected to be 20.3 million barrels per day in 2024, compared with the previous forecast of 20.75 million barrels per day.

EIA Short-term Energy Outlook Report: U.S. crude oil demand growth is expected to be 130,000 barrels per day in 2023, compared with 190,000 barrels per day previously. U.S. crude oil demand growth is expected to be 160,000 barrels per day in 2024, compared with 280,000 barrels per day previously.

EIA Short-Term Energy Outlook Report: Total global crude oil consumption is expected to be 100.97 million barrels per day in 2023, compared with the previous expectation of 101.19 million barrels per day. EIA Short-Term Energy Outlook Report: Total global crude oil consumption is expected to be 102.33 million barrels per day in 2024, compared with the previous expectation of 102.80 million barrels per day.

EIA Short-Term Energy Outlook Report: Global crude oil demand growth in 2024 is expected to be 1.36 million barrels per day, compared with the previous estimate of 1.61 million barrels per day.

EIA Short-Term Energy Outlook Report: Global crude oil demand growth in 2023 is expected to be 1.81 million barrels per day, compared with the previous estimate of 1.76 million barrels per day.

Microsoft and Oracle will announce an update to their partnership on Thursday afternoon.