Goldman Sachs lowered its November/December 2025 US gas price forecast to $4.00/MMBtu from $4.50.
It cut its September/October 2025 forecast by $0.55 to $3.35/MMBtu.
Goldman maintained its 2026 US gas price forecast at $4.60/MMBtu, well above forwards at $3.81.
The bank continues to recommend a long April 2026 US gas position.
Goldman’s revisions reflect softer near-term demand expectations but a constructive medium-term supply-demand outlook
