News Release

Maintaining our bullish call past the deadline

EIR reaffirms Brent prices will reach $100/bbl by the end of this year

byEnverus

CALGARY, Alberta (Sept. 13, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest 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. For several months, EIR has maintained that Brent prices will reach $100/bbl by the end of this year.

“Fundamental data released prior to our deadline of Aug. 31 has been mixed; however, we are reaffirming our call that Brent prices will reach $100/bbl by the end of this year,” said Al Salazar, senior vice president of EIR.

“We expect U.S. gas storage to continue to align with our 10% hotter-than-normal forecast, reaching 3.7 Tcf by the end of the injection season.”

Key takeaways:

  • EIR maintains the call that Brent prices will reach $100/bbl by the end of the year despite mixed fundamental data.
  • Our price call is contingent on three conditions: 1) Improving global economic sentiment, 2) OPEC adherence to stated cuts, and 3) Consistent OECD crude and product stock draws at or above 1.0 MMbbl/d or more.
  • Gas fired generation is driving gas demand, up ~ 4 Bcf/d Y/Y, offsetting weaker coal, hydro and wind generation.
  • EIR forecasts gas prices to remain rangebound between $2.50-$3.00/MMBtu for the remainder of the summer. As for winter, we expect prices to trade between $3.00-$3.50/MMBtu. 

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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. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.

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