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Goldman Lowers TTF Forecast

NATURAL GAS

Goldman Sachs lowered the Bal24 TTF price forecast by €10/MWh to €31/MWh due to a mild winter and lower coal and carbon costs, the bank said in a note.

  • The bank said the downward revision is not an indicator that the European energy is crisis is solved and “European gas prices remain vulnerable to supply interruptions or increases in demand, especially during winter.”
  • The current 2023/2024 winter is the second warmest winter in the past ten years, which has weighed on natural gas demand, with winter heating demand for gas revised down by 19mcm/d and February demand down by 73mcm/d, or 13%, from previous expectations.
  • The bank forecasts EU gas inventories to end the winter period at 53% full.
Energy BulletsCommodities
Energy BulletsCommodities

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