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Goldman Lower Summer TTF Price Forecast but Winter Unchanged

NATURAL GAS

Goldman Sachs has cut the TTF balance-of-summer price forecast to 70€/MWh from 92€/MWh amid lower than expected demand according to a note on 8 May. They forecast 2Q at 45€/MWh and Q3 at 82€/MWh.

  • The Winter 2023-24 forecast remains at 93€/MWh and Summer 2024 unchanged at 94€/MWh.
  • Winter prices could rebound if European consumption and LNG demand elsewhere in the world rebound as expected.
  • “Even if industrial demand remains sluggish this summer, this is not a guarantee that storage will be comfortable throughout winter, as there is only so much capacity to store gas ahead of heating season,” the analysts said.

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