EPG's Oil & Gas Price Deck Update - Mar 29

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

EPG's Oil & Gas Price Deck Update - Mar 29

Post by dan_s »

The oil and gas prices below will be used to update all of upstream company valuations in my next newsletter that will be published on April 3.

As Matt Iak and I discussed on yesterday's webcast, oil prices are expected to go much higher this summer because demand for transportation fuels will exceed supply starting in May. IEA is now forecasting that global oil demand will rise to 104 million bpd in Q4 2023 and today that exceeds global production, including 100% of OPEC's total production capacity. This means that by year-end oil-based products will have to be "rationed by price".

2023 Oil / Ngas prices for modeling purposes:
Q1: $75.00 / $2.50
Q2: $75.00 / $2.25
Q3: $80.00 / $2.50
Q4: $90.00 / $2.75

2024: $90.00 / $3.50

From Energy Watch on MARCH 29, 2023
Nationally recognized by Law360 as an "Energy Group of the Year"

Goldman expects prices to rise in June and stay high for 12 months (GS official oil price forecast is $93/bbl for Q4)
"Goldman Sachs said it expected oil prices to rise in June and remain high for 12 months. Analysts at the investment bank said a flow of capital from the energy sector – what they called a “scarring event” – will cause shortages that will ultimately boost prices. The forecast followed a separate prediction that crude will soar to $140 per barrel by year-end."
Dan Steffens
Energy Prospectus Group
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