Fitch raised its forecast for exchange prices for oil and gas in 2024
Fitch Ratings has raised its forecast for oil prices in 2023-2024, as well as for natural gas in Europe in 2024 and 2026. The agency explained the revision of oil forecasts by the fact that OPEC+ continues to keep supply volumes under strict control.
Now exchange prices for gas in Europe (on the Dutch TTF - one of the leading gas exchanges in the world), according to Fitch's expectations, next year will be 12 dollars per 1 thousand cubic feet instead of 10 dollars of the previous forecast, estimates for 2023 and 2025 remained without changes - 13 dollars and 10 dollars, respectively. At the same time, the forecast for 2026 was raised immediately to $8 from the previously expected $5, the agency reported.
At the same time, price forecasts for gas in the American market have been maintained: the agency expects prices at Henry Hub (physical gas hub, Louisiana, USA, plays a leading role in setting natural gas prices in the United States) to be $2.8 per thousand cubic feet for the current year, then an average of $3.25 in 2024, $3 in 2025 and $2.75 in 2026.
As for oil, the forecast for Brent oil was raised for the current year to $82 average price from $80 per barrel, for 2024 - to $80 from $75, forecasts for 2025-2026 were kept at $70 and $65, respectively.
The price of WTI oil is expected to be $78 at the end of the current year, not $75 per barrel, as previously expected, in 2024 - $75 instead of $70, forecasts for 2025 and 2026 have been maintained ($65 and $60, respectively).
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