In its latest Short Term Energy Outlook, U.S. Energy Information Administration said it expects “the Brent crude oil price will decline significantly in the coming months.” EIA forecasts the price will fall from $68 per barrel in August to an average of $59/b in 4Q and about $50/b in early 2026 and $51/b for fullyear 2026. EIA added Sept. 9, “The price forecast is driven by large oil inventory builds as OPEC+ members increase production.”
The Henry Hub natural gas spot price will rise from an average of $2.91 per million Btu in August to $3.70 million Btu in 4Q and $4.30 million Btu next year.
EIA also expects drilling activity in the U.S. to be more focused in natural gas-intensive producing regions in 2026. “We expect U.S. natural gas production will be relatively flat next year compared to 2025, while we expect crude oil production will decline by about 1 percent.”
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