Goldman Sachs raises 2027 gas and oil price forecasts on Middle East supply risks

Goldman Sachs has raised its 2027 forecasts for European natural gas and oil prices, citing Middle East supply risks.

• Goldman Sachs raised its Dutch TTF gas forecast for the first quarter of 2027 to €74 per megawatt-hour from €44.
• The bank raised its Brent forecast to $105 per barrel for December and its 2027 average to $88 per barrel.
• Goldman analysts said the market anticipates a 47% chance of continued low LNG supplies from the Middle East this winter.
• Maritime tracking data showed October was the worst month on record for attacks on commercial ships in the Strait of Hormuz.