News Release

Recession fears weigh bullish oil fundamentals down, higher natural gas prices needed

EIR extends oil and gas fundamental to the end of decade

byEnverus

CALGARY, Alberta (May 9, 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, as well as price forecasts.

“Current prices are weighed down by recession fears despite bullish oil fundamentals. We anticipate the anxiety around the possibility of extreme recessionary conditions to fade and oil prices to appreciate into triple digits in the back half of 2023,” said Al Salazar, senior vice president at EIR.

“Following $3-4/MMBtu pricing in 2024-25 we expect higher natural gas prices are needed to incent the considerable amount of natural gas needed to feed LNG facilities slated to come online mid-decade,” Salazar added.

Key takeaways from the report:

  • India’s growing oil demand offsets the weaker demand seen in the U.S. Y/Y. Strong oil demand from India and China is expected to drive demand growth through 2023.  
  • LNG is the primary source of natural gas demand growth through the decade. More than 10 Bcf/d of LNG demand forecast to come online by 2030. There is significant commercial momentum, and EIR only sees upside to its LNG demand forecast. 
  • U.S. crude production forecast to grow to 12.9 MMbbl/d by the end of 2023, with growth slowing to 0.2-0.3 MMbb/d every year after before plateauing in 2028.  
  • L48 dry gas production forecast to grow to 101 Bcf/d by the end of 2023. Lowered completion activity is expected to persist through 2024 keeping production growth limited until it is needed to grow for the LNG demand coming online mid-decade. 

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. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters. Enverus Intelligence Research, Inc. is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.

Media Contact: Jon Haubert | 303.396.5996

Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Press Release - Enverus Instant Analyst™ technology added to its AI-powered product portfolio
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company, today announced it has added Instant Analyst™ technology to its market-leading product portfolio. Built on nearly 30 years of artificial intelligence software implementation experience, the company leads the way in generative AI technology...

Enverus Press Release - EPA’s Quad O regulations expected to trigger tsunami of plugged wells
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, has released a report that details the impact that the EPA’s Quad O regulations will have on upstream oil and gas producers in the U.S.

Enverus Press Release - Core Eagle Ford, the gift that keeps on giving
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has recently released a report identifying the high-grade locations in the Eagle Ford where recoveries remain high despite denser development.

Enverus News Release - The upside of repowering wind
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, has released a report looking at how onshore wind capacity additions in the U.S. have changed over time and why repowering older projects is gaining momentum.

Enverus News Release - Utility growth prospects: Quantifying long and short opportunities
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, has released a report looking at state-level renewable power adoption and population growth to estimate utility-specific long-term growth rates. In the report, EIR calculates implied value...

Enverus Press Release - Enverus named to Alberta’s Top Employers list
News Release
ByEnverus

AUSTIN, Texas (Jan. 30, 2024) — Enverus, the most trusted energy-dedicated SaaS company, has again been named to Mediacorp’s Alberta’s Top Employers list. “Being acknowledged once more as one of Alberta’s premier employers is a remarkable achievement for Enverus. It...

Enverus Press Release - $144B of transactions in recording-setting 4Q23 for upstream M&A
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, is releasing its summary of Q4 and full-year 2023 upstream merger and acquisition (M&A) activity. Q4 recorded a massive $144 billion in upstream M&A, the largest...

Enverus Press Release - Exploring falling rigs and rising production
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, has released its latest Fundamental Edge report, which focuses on global drivers for oil and gas prices through 2030, the five-year oil and gas supply and...

Enverus Press Release - Enverus releases Top 50 Public E&P Operators of 2023
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company, has released its list of the most prolific 50 public oil and gas operators in the U.S. based on gross operated production last year. ExxonMobil, Chesapeake Energy and EOG Resources led the list...

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Get Energy Transition Research updates straight to your inbox by filling out the form below.

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert