Trading & Risk

Defeating the demons of demand

Despite mixed fundamental data, EIR remains bullish, forecasting U.S. oil production growth near 1 MMbbl/d in 2023

byEnverus

CALGARY, Alberta (Aug. 16, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest quarterly FundamentalEdge report focused on global drivers for oil and gas prices to 2030, the five-year oil and gas supply and demand outlook, and price forecasts.

“We believe Henry Hub gas prices are rangebound for the next two years at $2.50-$3.00/MMBtu (summer) and $3-$3.50/MMBtu (winter) because of our views on breakeven economics,” said Chetan Sharma, senior associate at EIR.

“EIR forecasts global oil demand will rise 1.8 MMbbl/d in 2023 mainly because of increased Chinese and Indian consumption,” Sharma said.

Key takeaways:

  • EIR remains bullish oil despite the mixed fundamental data, forecasting U.S. oil production will grow just under 1 MMbbl/d in 2023.
  • New LNG export capacity is needed to provide the structural shift that leads to higher NYMEX prices in 2025+.
  • EIR forecasts moderate L48 dry gas production growth until 2025 when demand from LNG export facilities picks up, and EIR predicts this demand will be fed by higher production from the Haynesville play.

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.

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