Goldman Sachs reduced its expectations for US Natgas as warmer weather and stagnating export capacity add to above average inventories according to Goldman Sachs Global Investment Research

• The bank lowered its forecast for summer-23 to €3.7/mmBtu, winter 23/24 to €3.6/mmBtu and summer-24 to €3.2/mmBtu.
• “The exceptionally warmer-than-average January, along with a slower-than-expected Freeport LNG restart have helped lift our storage expectations under our price forecast to near-4 Tcf," Goldman analysts said.
• US production of natural gas could grow on the year by 4.1Bcf/d in 2023, primarily due to the higher output from Oklahoma.