Goldman Sachs has kept its Henry Hub natural gas outlook unchanged, projecting November–December delivery contracts at $4.00 per million British thermal units (mmBtu) and 2026 prices at $4.60, the bank said in a note Thursday.
The bank argued that while near-term pricing remains anchored around seasonal demand and storage balances, the market is set to turn its focus toward medium-term supply concerns. “We believe we are quickly approaching a period when the market’s focus will more sustainably shift towards 2026 tightness concerns,” Goldman wrote.
Analysts cited expectations of rising U.S. liquefied natural gas (LNG) export capacity and slower production growth as factors that could drive a tighter balance in the years ahead. The steady 2026 forecast reflects the view that structural demand growth, particularly from LNG shipments and power generation, will keep upward pressure on prices despite relative stability in the short run.
The call comes as gas markets weigh mixed signals: storage levels remain comfortable heading into winter, tempering near-term price risks, but forward markets are increasingly watching how supply-demand dynamics evolve into the second half of the decade.
