The U.S. Energy Information Administration (EIA) expects U.S. natural gas storage at the end of November to be almost 70 billion cubic feet higher than forecast in October. A warm start to the month is easing pressure on natural gas prices.
In its November Short-Term Energy Outlook, EIA forecasts higher U.S. gas stocks throughout the winter. The Henry Hub spot price is expected to average $2.87 per million British thermal units from November through March, 16% below last month’s forecast.
EIA forecasts Brent crude spot prices of $104 per barrel in November and $99 in December. The average is expected to be $86 per barrel in 2027 as more oil flows from the Middle East and global inventories rebuild. Continued shipping disruptions could cause short-term price swings.
U.S. retail gasoline and diesel prices are expected to fall in 2027, although EIA raised both forecasts from October. Diesel is forecast to average $5.03 per gallon, up from $4.49 in the previous forecast, and gasoline $3.73, up from $3.56. EIA expects global supplies of refined fuels to remain tight through the end of 2027.
U.S. commercial crude oil inventories fell to their lowest October level since 2014 as exports rose and imports declined. EIA expects inventories to increase in 2027 as net imports rise and U.S. crude production reaches a record 14.3 million barrels per day.
EIA forecasts U.S. gross liquefied natural gas exports to increase from about 15 billion cubic feet per day in 2025 to about 19 billion in 2027, as new export capacity comes online and existing facilities expand.
EIA expects utility-scale solar to account for most of the growth in U.S. electricity generation over the forecast period. Power-sector generation is forecast to reach a record of almost 4,390 billion kilowatthours in 2026, up 2.7% from 2025.
