U.S. Energy Information Administration said this week it expects the Brent crude oil spot price to average $95 per barrel this year and $79 per barrel in 2027 after $69 per barrel in 2025. And the natural gas price at Henry Hub is forecast at $3.60 this year and $3.46 in 2027 after $3.53 in 2025 (dollars per million British thermal units).
EIA said Tuesday in the June issue of its Short-Term Energy Outlook that the Brent price averages $105 per barrel in June and July as oil shipments remain limited during the U.S.-Israeli war in Iran and oil production and inventories fall. EIA expects oil prices to average $79 per barrel in 2027 “when supply flows and oil production resume.”
The Henry Hub spot price for natural gas averaged $2.94 per MMBtu in May – up 17 cents per MMBtu from April as warmer temperatures increased electric power sector demand. Supply growth continues to outpace demand, however, to lower prices in the latest outlook compared to earlier forecasts. EIA forecasts the Henry Hub price to average $3.43 per MMBtu in 2026 second half.
EIA said U.S. crude oil production will average 13.7 million barrels per day this year and 14.2 million b/d in 2027 after 13.6 million b/d in 2025.
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