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.
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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. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.
Media Contact: Jon Haubert | 303.396.5996