Fitch Ratings raises its forecast on oil and gas prices

Fitch Ratings has increased its 2024 oil price assumptions, reflecting OPEC+’s continuing tight control over supply, Report informs, citing Fitch Ratings.

It has also raised the TTF assumptions for 2024 and 2026, as prices in the European gas market are likely to remain high in the medium term. All other price assumptions have remained unchanged.

According to the base scenario, the price of Brent oil will be $82 a barrel at the end of this year, $80 in 2024, and $70 and $65 in 2025-2026, respectively.

According to forecasts, in 2023–2024, the price of WTI crude will be $78 and $75, respectively, and $60 and $65 in 2025–2026, respectively.

As for natural gas prices under the base scenario, the price of 1,000 cubic feet of natural gas at Henry Hub is $2.8 at the end of 2023, $3.25 in 2024, and $3 and $2.75 in 2025-2026, respectively.

According to Fitch's forecast, the price of natural gas in Europe for TTF (Netherlands) will be $13 and $12 per 1000 cubic feet in 2023-2024 and $10 and $8 in 2025-2026, respectively.