Brent crude is expected to stay near $100 a barrel for the rest of 2026, the US Energy Information Administration (EIA) said in its November Short-Term Energy Outlook, released on 10 November. The agency raised its Brent forecasts, saying the price would ease only gradually next year, to an average of $77 a barrel in the fourth quarter of 2027. ## Forecasts raised for 2026 and 2027 The EIA now expects Brent to average $97 a barrel in 2026, up from $96 in its October outlook, and $86 in 2027, up from $84, [FXEmpire](https://www.fxempire.com/forecasts/article/natural-gas-and-oil-forecast-oil-rebounds-from-two-month-low-can-wti-hold-83-99-1643776) reported, with Brent near $100 in November and December. Crude prices rose for a third consecutive month in October as falling global inventories, tanker attacks in the Persian Gulf and constrained shipping tightened supply, according to [Fuels and Lubes](https://www.fuelsandlubes.com/eia-sees-brent-crude-near-usd-100-per-barrel-through-2026/). ## Inventories at their lowest since 2014 US commercial crude inventories fell to 410 million barrels at the end of October, the lowest end-of-October level since 2014, the EIA said, driven by a wide Brent-WTI spread that encouraged exports and cut imports. Inventories are forecast to stay below the five-year average until mid-2027, while US crude production is forecast to reach a record 14.3 million barrels a day in 2027. ## Fuel and gas prices The outlook also raised US fuel forecasts: retail diesel is expected to average $5.03 a gallon in 2027, 12% higher than previously forecast, and gasoline $3.73 a gallon, up 5%. Henry Hub gas is expected to average $2.87 per million British thermal units from November through March, 16% lower than last month's forecast. US LNG exports are forecast to rise to 19 billion cubic feet a day in 2027, up 26% from 2025. The EIA finalised the outlook's inputs on 5 November, so later market events are not reflected.