The US Energy Information Administration raised its forecast for average retail diesel prices in 2027 to 5.03 dollars a gallon, 12 per cent above its previous estimate. It also raised its gasoline forecast. The agency expects global fuel supply constraints to persist, even as its outlook assumes a gradual recovery in Middle Eastern oil production.
The US energy agency raised its 2027 gasoline and diesel price forecasts in its November outlook.[1], [2]
The US Energy Information Administration raised its forecast for average retail diesel prices in 2027 to 5.03 dollars a gallon. It also increased its gasoline forecast to 3.73 dollars a gallon, from 3.56 dollars. The agency put the revisions at approximately 12 per cent and 5 per cent, respectively.[1]
US commercial crude inventories were approximately 410 million barrels at the end of October, the lowest end-October level since 2014. The agency expects Brent crude to remain near 100 dollars a barrel for the remainder of 2026, before declining to approximately 77 dollars in the final quarter of 2027. Its forecast puts US crude production at 14.3 million barrels a day in 2027.[1]
The agency forecast Henry Hub natural gas prices averaging 2.87 dollars per million British thermal units during November–March, 16 per cent below its previous outlook. That winter period differs from the full-year 2027 forecast of 2.88 dollars. The November outlook was published on 10 November, using forecasts finalized on 5 November; its assumptions therefore precede the publication date.[1]
