This is the start of something beautiful.

Enverus Intelligence® Research’s latest Strait of Hormuz outlook highlights a stocks-driven “higher for longer” setup, modeling OECD crude and product inventories falling from 2.82 Bbbl (YE25) to a 2.36 Bbbl trough in Q4 2026. The report also flags a potential $5–$10/bbl geopolitical risk premium that could remain embedded in Brent even as flows gradually normalize.

Enverus’ latest Fundamental Edge report, “Let’s Make a Deal | Brent Upgrade, Henry Downgrade,” raises its 2H26 Brent forecast to $110/bbl on a late-June deal and gradual Strait of Hormuz reopening while maintaining a capped summer Henry Hub outlook and lowering its 2027 Henry Hub forecast to $3.50/MMBtu. The report also outlines implications for inventories, U.S. supply response and global LNG balances.