Gas Prices To More Than Double, Goldman Sachs Warns

European natural gas is heading for a fourth day of gains as analysts at Goldman Sachs predict increasing demand to more than double prices by late summer.

Photo Insert: Prices rose as much as 3.2% on Mar. 30, 2023, to more than $44 per megawatt hour but the US investment bank is forecasting prices to top €100.

Prices rose as much as 3.2% on Mar. 30, 2023, to more than $44 per megawatt hour but the US investment bank is forecasting prices to top €100.

Mild weather and high storage levels have kept demand low in recent months but consumption will pick up in the power generation sector, according to Goldman Sachs.

Analyst Samantha Dart said: “This, in our view, will ultimately support a rally in gas prices back above €100 from August.” The European energy crisis started in 2021, and it's only from 2025 that the next wave of global liquified natural gas supply can bring it to an end.

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