US crude oil production hits a record 14.3 million barrels per day: EIA

WASHINGTON: US crude oil production has hit a record 14.3 million barrels per day (bopd), according to the Energy Information Administration (EIA).

It expects inventories to rise in 2027 as net imports increase.

US commercial crude oil inventories fell to their lowest October level since 2014, as exports rose and imports fell.

The EIA expects almost 70 billion cubic feet more natural gas to be in US 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), the 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.

The 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.

EIA forecasts US 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.

Continued shipping disruptions could cause short-term price swings.

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