The US Energy Information Administration’s November Short-Term Energy Outlook signals a notable shift in global energy dynamics. Renewables, led by solar and wind, continue their upward trajectory, projected to account for 26% of U.S. electricity generation by 2026, underscoring the sector’s long-term transition.

Brent crude is projected to average $69 per barrel in 2025, falling to $55 by 2026, as global inventories swell and supply growth outpaces demand. Meanwhile, U.S. crude oil output is expected to hold at 13.6 million barrels per day, reinforcing America’s position as a leading producer.

Natural gas tells a different story: Henry Hub prices are forecast to rise from $3.50/MMBtu in 2025 to $4.00/MMBtu in 2026, driven by winter heating demand and steady LNG export growth.