Trading & Risk

Let’s make a deal: Brent upgraded, Henry Hub downgraded

New outlook lifts 2H26 Brent to $110/bbl on a late-June deal and gradual Hormuz reopening, while summer gas stays capped and 2027 Henry Hub is lowered to $3.50/MMBtu

byJon Haubert

CALGARY, Alberta (June 9, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published its latest Fundamental Edge report, Let’s Make a Deal | Brent Upgrade, Henry Downgrade, examining how shifting geopolitics and supply-demand dynamics are reshaping oil and gas price expectations.

In the report, EIR raised its 2H26 Brent forecast to $110/bbl (from $95/bbl), based on a scenario in which a U.S.-Iran peace deal is reached by end of June, allowing the Strait of Hormuz to begin reopening shortly thereafter. The analysis notes the initial market reaction to a deal announcement could be bearish but maintains that underlying support comes from inventories that remain well below prewar levels.

The updated outlook assumes a more conservative ramp-up of flows through the strait that extends into 1Q27, with throughput modeled to recover from roughly ~2 MMbbl/d today and rise steadily to 16 MMbbl/d by 2027—still below the 20 MMbbl/d prewar level. Against this backdrop, cumulative stock draws are expected to keep OECD inventories near ~2.3 Bbbl through 2H26, a level the report’s stocks-to-price relationship implies is consistent with ~$110/bbl Brent, alongside modeled ~500 Mbbl/d Y/Y demand loss in 2026 from sustained price elevation.

For 2027, EIR’s forecast calls for Brent to average $105/bbl, reflecting gradual normalization of flows but continued support from low stocks. The report also points to a firmer—though still constrained—U.S. supply response, lifting expectations for Lower 48 oil growth to ~300 Mbbl/d by exit-2026 and ~500 Mbbl/d by exit-2027, with the Permian Basin driving growth and infrastructure bottlenecks remaining a key limiter.

“Even with a path toward reopening, the Strait of Hormuz doesn’t snap back overnight and the market doesn’t get its inventory cushion back quickly either. Our update is a ‘higher-for-longer’ call: the headline may move first, but low stocks and a gradual normalization keep Brent supported well into 2027,” said Al Salazar, report author and director at EIR.

Key takeaways:

  • The latest report raises the 2H26 Brent forecast to $110/bbl (from $95/bbl) on a base case that a U.S.-Iran peace deal is reached by end of June and the Strait of Hormuz begins reopening, with the ramp-up extending into 1Q27.
  • The outlook models Hormuz throughput recovering from ~2 MMbbl/d today and ramping to 16 MMbbl/d by 2027, below the 20 MMbbl/d prewar level, with some rerouted flows expected to become permanent.
  • For 2027, the forecast calls for Brent to average $105/bbl, supported by inventories that remain well below prewar levels and ongoing strategic reserve refill demand referenced in the long-term framing.
  • The report lifts U.S. supply expectations to ~300 Mbbl/d exit-2026 and ~500 Mbbl/d exit-2027 Lower 48 oil growth, driven by stronger activity and a higher Brent deck, with the Permian as the primary contributor.
  • On U.S. natural gas, the analysis maintains a $3.00/MMBtu Henry Hub forecast for summer 2026 and lowers the 2027 forecast to $3.50/MMBtu (from $3.75/MMBtu), citing increased associated gas supply tied to higher oil prices and a warmer El Niño setup for winter 2026-27.

EIR’s analysis pulls from a variety of products including Enverus ONE™.

You must be an Enverus Intelligence® Research subscriber to access this report.

EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.

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. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.

Picture of Jon Haubert

Jon Haubert

Jon Haubert is the communications director at Enverus. Members of the media should use our Request Media Interview option on the Enverus Newsroom page to schedule an interview with one of our expert analysts.

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