In its April Short-Term Energy Outlook (STEO), the United States Energy Information Administration (EIA) increased its forecast for the 2023 Brent crude oil price by 2.5% from its previous forecast. This change came after OPEC and its partner countries (OPEC+) announced crude oil production cuts for 2023. EIA expects the Brent crude oil spot price to average $85 per barrel in 2023, $3 per barrel higher than its March forecast.

During the latest mid-month period, prices at Mont Belvieu, Texas, increased as we head into spring. The posted prices increased 10 cents/gal, from March mid-month to April mid-month while the spot prices increased 15.25 cents. Conway, Kan., postings ended with a 14.124-cent increase and spots increased 16.5 cents over the month.

NATIONAL MFA Oil Company hosted district delegate meetings across its eight voting districts in February and March. Two of those districts held elections for their representative on the MFA Oil Board of Directors. Mike Moreland won re-election to the board representing the company’s West Central District at a meeting held on Feb. 16 in Harrisonville, Missouri. In the Mid-South District, Randy Pace was elected on March 8 at a meeting in Jonesboro, Arkansas. Moreland and Pace will both serve three-year terms.