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US NATGAS: Henry Hub 2025 Forecast Revised Higher on Tighter Balance: Goldman

US NATGAS
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Tighter winter gas balances due to colder-than-average temperatures have driven Goldman Sachs to raise its 2025 forecast for U.S. natural gas prices to $3.60/mmbtu from $3.00/mmbtu, according to Reuters.

  • "We estimate a much more moderate negative revision to our expected end-October 2025 storage of -124 bcf (to 3,980 Bcf)."
  • New drilling activity in the Haynesville shale gas-producing region is not needed at this time.
  • "Cold-driven tightening risks to U.S. gas balances have been amplified by even colder-than-expected temperatures in recent weeks," Goldman Sachs said.
  • The forecast for 2026 has been raised to $4.15/mmbtu from $4//mmbtu. Increasing U.S. LNG exports are expected to tighten gas balances in 2026 resulting in additional drilling to maintain winter storage levels.
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Tighter winter gas balances due to colder-than-average temperatures have driven Goldman Sachs to raise its 2025 forecast for U.S. natural gas prices to $3.60/mmbtu from $3.00/mmbtu, according to Reuters.

  • "We estimate a much more moderate negative revision to our expected end-October 2025 storage of -124 bcf (to 3,980 Bcf)."
  • New drilling activity in the Haynesville shale gas-producing region is not needed at this time.
  • "Cold-driven tightening risks to U.S. gas balances have been amplified by even colder-than-expected temperatures in recent weeks," Goldman Sachs said.
  • The forecast for 2026 has been raised to $4.15/mmbtu from $4//mmbtu. Increasing U.S. LNG exports are expected to tighten gas balances in 2026 resulting in additional drilling to maintain winter storage levels.