Oh, no! The guests will be here in a minute and we are running out/run out of coffee.
I had to insert run out/run into/run after in this sentence, but I do not know in what form - running out (Present Continious) or just run out.
*Run out or running out?
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Oh, no! The guests will be here in a minute and we are running out of coffee. This is correct grammar but it sounds odd because one normally makes coffee just before guests leave, not just before they arrive.
Oh, no! The guests will be here in a minute and we are run out of coffee. This is not a valid English tense.
You could say