EIA Nov. STEO Cuts 2027 Henry Hub Price to $2.88; M-U DUCs Plunge

The U.S. Energy Information Administration (EIA) released its November Short-Term Energy Outlook (STEO) on Tuesday, and the news for gas prices is, well, more of the same. A warm start to November means less gas burned for heat, more gas left in storage, and lower prices. EIA now expects the Henry Hub spot price to average $2.87 per MMBtu (million British thermal units) from November through March, 16% less than it predicted just a month ago. EIA also cut its 2027 price forecast by 28 cents. Meanwhile, Appalachian drillers keep working down their stockpile of drilled-but-uncompleted wells (DUCs) at a startling pace. The count has fallen below 500 for the first time since 2022. And because we still miss EIA's old Drilling Productivity Report, our "DPR Replacement" section is back this month, with all four charts.

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