The US Energy Information Administration’s April Short‑Term Energy Outlook reflects a more volatile global energy environment entering mid‑2026. The EIA raised near‑term oil and refined product price expectations, driven by supply disruptions and uncertainty tied to reduced oil flows through the Strait of Hormuz. Under current assumptions, crude oil prices are expected to remain elevated in the near term before easing later in 2026 as supply conditions normalize.

While disruptions to global LNG flows have widened the price spread between Henry Hub prices and international markets, US export facilities are operating near peak capacity. The EIA expects natural gas storage injections to outpace the five‑year average, with inventories ending the injection season 6% more than the five-year average.

On the power side, the EIA expects electricity demand to rise, led by growth in the commercial sector and concentrated during the summer cooling season. Electricity demand is projected to increase by roughly 3% this summer compared with last year, with commercial demand outpacing residential growth. The EIA expects generation growth this year is led by growth from renewable sources such as solar (17%), hydro (6%), and wind (5%).

Read more: US EIA Short-Term Energy Outlook April 2026