Goldman Boosts Gas Price Views
Goldman Sachs has raised its outlook for European gas prices in 2026, as ongoing tensions in the Middle East delay the resumption of liquefied natural gas (LNG) exports from the Gulf region from July to October, due to disruptions in the Strait of Hormuz. The bank expects European gas inventories to fall to 67% by the end of October and to reach 28% by the end of winter, pushing gas prices at the TTF hub up to 60 euros per megawatt-hour in the last quarter of 2026. Projections also indicate that gas prices may hover around 65 euros before the end of summer due to supply shortages, with warnings that they could rise further if Gulf exports return to normal levels by 2027, or drop to around 40 euros if a faster recovery occurs. In the long term, the bank forecasts prices decreasing to 19 and 16 euros in 2028 and 2029, respectively, provided the Strait of Hormuz is fully reopened, though there remain significant risks affecting the markets.
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