EIA raises 2027 U.S. gasoline and diesel price forecasts: diesel up 12%, gasoline up 5%

The U.S. Energy Information Administration (EIA) has raised its forecast for U.S. retail gasoline and diesel prices in 2027 in its latest Short-Term Energy Outlook, with the diesel price forecast up 12% and gasoline up 5% compared to last month. The EIA expects that supply constraints in the global petroleum products market will persist through the end of 2027, with refined product crack spreads likely to remain at elevated levels, driving U.S. refineries to maintain high operating rates. Meanwhile, the EIA forecasts Brent crude oil prices will remain around $100 per barrel for the remainder of this year; as global inventories gradually recover, the average price in the fourth quarter of 2027 is expected to fall to $77.