The US Energy Information Administration expects almost 70 billion cubic feet more natural gas to be in US storage at the end of November than it forecast in October, after a warm start to the month, and now sees the Henry Hub spot price averaging 2.87 dollars per million British thermal units from November through March, 16 percent less over that period than it forecast last month. It forecasts Brent crude averaging 104 dollars a barrel in November and 99 dollars in December, then 86 dollars in 2027 as Middle East supply rises and inventories rebuild.
Road fuels move the other way. The EIA raised its 2027 retail diesel forecast to 5.03 dollars a gallon, from 4.49 dollars in the October outlook, and its 2027 gasoline forecast to 3.73 dollars, from 3.56 dollars, because it expects global refined fuel supplies to stay tight through the end of 2027. US commercial crude inventories fell to their lowest October level since 2014, and the agency expects production to reach a record 14.3 million barrels a day in 2027.