November 10, 2026 - The U.S. Energy Information Administration (EIA) expects almost 70 billion cubic feet more natural gas to be in U.S. storage at the end of November than it forecast in October. A warm start to the month is easing pressure on natural gas prices.

 

In its November Short-Term Energy Outlook (STEO), EIA forecasts more U.S. natural gas in storage throughout this winter, resulting in the Henry Hub natural gas spot price averaging $2.87 per million British thermal units from November through March, 16% less over that period than forecast last month.

 

Other key takeaways from the November STEO are below.

• Brent crude oil prices. EIA forecasts Brent crude oil spot prices will average $104 per barrel (b) in November and $99/b in December, with Brent averaging $86/b in 2027 as more oil flows from the Middle East and global oil inventories rebuild. Continued shipping disruptions could cause short-term price swings.

• Gasoline and diesel prices. EIA expects U.S. retail gasoline and diesel prices to fall in 2027. EIA raised both forecasts from October because it now expects global supplies of refined fuels to remain tight through the end of 2027. EIA forecasts that diesel will average $5.03 per gallon, up from $4.49 per gallon in the October forecast, and gasoline will average $3.73 per gallon, up from $3.56 per gallon.

• U.S. oil production and inventories. U.S. commercial crude oil inventories fell to their lowest October level since 2014, as exports rose and imports fell. EIA expects inventories to rise in 2027 as net imports increase and U.S. crude oil production reaches a record 14.3 million barrels per day.

• Liquefied natural gas exports. EIA forecasts U.S. liquefied natural gas gross exports will rise from about 15 billion cubic feet per day in 2025 to about 19 billion cubic feet per day in 2027 as new export capacity comes online and existing facilities expand.

• Electricity generation. EIA expects U.S. electric power sector generation to reach a record of almost 4,390 billion kilowatthours in 2026, up 2.7% from 2025. Businesses used more electricity, and a warmer-than-average summer increased demand for air conditioning. EIA expects most generation growth over the forecast period to come from utility-scale solar as capacity increases.

The full November 2026 Short-Term Energy Outlook is available on the EIA website.