Goldman Sachs analysts said in a report last week that the bank believes there is limited room for the US Henry Hub (Henry Hub) gas benchmark price to rise until 2025. Goldman Sachs expects US gas production to rebound in June, but it has stabilized at a lower level than previously anticipated. Under these circumstances, Goldman Sachs will raise its forecast for the US Henry Hub (Henry Hub) gas benchmark price in 2024 from $2.15 per million British thermal units to 2.65 US dollars/million British thermal units, and may rise further to 2.88 US dollars/million British thermal units.

Goldman Sachs's revised forecast was made in the face of a continued decline in US gas production. Over the past few weeks, US gas production has remained below 99 billion cubic feet per day. Goldman Sachs lowered its US gas production forecast for the rest of this summer by 50 million cubic feet/day to 10.06 billion cubic feet/day.

Although the forecast for the US gas benchmark price has been revised, Goldman Sachs believes there is limited room for upward movement. The bank's analysts said in the report: “In our opinion, the continued rise in prices will lead to reduced demand and reduced production stoppages, which will prevent actual supply constraints in the market and keep inventories at a high level.”

Furthermore, due to increased demand for feedstocks from new liquefied natural gas (LNG) projects, Goldman Sachs expects US gas prices to rise sharply only at the beginning of winter. The bank's analyst said, “We are now seeing changes in our gas combustion model as data centers and increased electrification bring about higher power loads, and additional support for demand reinforces this view.” As a result, Goldman Sachs continues to maintain its bullish stance on the US Henry Hub (Henry Hub) gas benchmark price in 2025, predicting a price of 4 US dollars/million British thermal units.