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Goldman Sachs Revises US Natgas Prices Down On Weather, LNG Exports, Inventories

NATURAL GAS

Goldman Sachs reduced its expectations for US Natgas as warmer weather and stagnating export capacity add to above average inventories according to Goldman Sachs Global Investment Research

  • The bank lowered its forecast for summer-23 to €3.7/mmBtu, winter 23/24 to €3.6/mmBtu and summer-24 to €3.2/mmBtu.
  • “The exceptionally warmer-than-average January, along with a slower-than-expected Freeport LNG restart have helped lift our storage expectations under our price forecast to near-4 Tcf," Goldman analysts said.
  • US production of natural gas could grow on the year by 4.1Bcf/d in 2023, primarily due to the higher output from Oklahoma.

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