News Release

Summoning Haynesville

EIR reveals changes to gas price projections and maintains its oil price outlook

byEnverus

CALGARY, Alberta (Nov. 8, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, 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 demand outlook, and price forecasts.

“EIR forecasts Henry Hub gas prices to be reach $5.00/MMbtu in 2025-26. We need high prices to summon Haynesville gas that feeds significant LNG export capacity growth,” said Al Salazar, report author and director at EIR.

“EIR expects Brent prices to trade in the high-$80s – low-$90s into 2024, due to OPEC intervention. The Saudis wish to take the cyclicality out of the market.”

Key takeaways:

  • EIR has upgraded its med-term gas price forecast to $5.00/MMbtu based on a significant amount of LNG export capacity slated to come online in 2025. However, EIR has also downgraded its long-term gas price forecast to $4.00/MMbtu due lower gas-fired generation given growth in renewables.
  • EIR remains bullish with its 2024 price expectations for Brent. The combination of strong Chinese demand, partially offset by weaker-than-expected consumption in the U.S., Middle East, Africa and Europe, combined with OPEC intervention, keeps prices in the current trading range.

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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. 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. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

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