News Release

Triple-digit oil prices will impact global economy

EIR focuses on the risks triple digit oil prices bring and the likelihood high oil prices are here to stay

byEnverus

CALGARY, Alberta (Oct. 4, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest FundamentalEdge 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.

Oil prices appear destined to hit $100/bbl, bringing risks to the global economy, says EIR in the report. Meanwhile, winter average Henry hub prices seem locked in a $3.00-3.50/MMbtu trading-range — subject to Mother Nature’s desires.

“Despite not hitting our $100/bbl target yet, the rally in Brent has largely fulfilled the bullish price expectations we’ve held since 4Q22,” said Al Salazar, report author and director at EIR. “Enverus Intelligence Research expects NYMEX gas prices to increase about $0.50/MMBtu into the winter, maintaining a range of $3-$3.50/MMBtu.”

Key takeaways:

  • Expectations for a mild winter in North America, along with our forecast for a strong year-end storage level and healthy European inventories, leaves little bullish hope for Henry to breakout of our predicted gas price range.
  • EIR expects L48 crude production won’t ramp into the increased oil prices as producers adhere to investor preference for capital discipline.

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.

View all Enverus news releases at Enverus.com/newsroom.

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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.

Media Contact: Jon Haubert | 303.396.5996

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