Free Trial

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

US NATGAS

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.
112 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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.