CALGARY, Alberta (July 27, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest Macro Forecaster, a report developed for the financial services industry and focused on the outlook for near-term oil and gas prices. EIR’s report discusses relevant fundamental drivers of oil and gas prices, North American oil and gas supply and demand, and inflationary impacts around general global economic uncertainty.
“Strong gas-fired generation and slower Haynesville production growth are mopping up the U.S. gas-storage glut, helping keep natural gas prices rangebound for the remainder of the year and into 2024,” said Al Salazar, senior vice president at EIR and report author.
“We forecast 1.8 MMbbl/d of global oil demand growth in 2023, with 72% of increased consumption coming from China and India,” Salazar said.
Key takeaways from the report:
- China accounts for over half of EIR’s global oil demand growth call. China’s demand rose ~2.4 MMbbl/d Y/Y in Q2 driven largely by a return to travel following the removal of pandemic restrictions.
- EIR expects that higher-than-normal levels of natural gas in U.S. storage facilities will erode as the summer progresses, particularly if hot weather persists and boosts demand for air-conditioning load.
- EIR predicts that NYMEX prices have bottomed out for the year after hitting $1.74/MMBtu in June.
Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.
About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing; and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.
About Enverus Intelligence Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide.
Media Contact: Jon Haubert | 303.396.5996
