Goldman Sachs Raises Gas Price Forecasts After Qatar Supply Disruption

Goldman Sachs has revised its gas price forecasts upward, citing disruptions to Qatari liquefied natural gas (LNG) production. This adjustment follows escalating tensions in the Gulf region, which have impacted energy supplies.

The investment bank now projects the Dutch TTF benchmark gas price for the second quarter of this year at 45 euros per megawatt-hour (MWh), a significant increase from its previous forecast of 36 euros per MWh, according to a note issued on Monday.

Goldman Sachs also raised its TTF gas price forecast for April 2026 to 55 euros per MWh, up from the prior estimate of 36 euros per MWh.

The TTF futures contract, a key European reference, surged by over 48% on Monday, reaching 47.32 euros per MWh. This marked the highest level since February 2025, when it stood at 47.70 euros per MWh. Trading on Tuesday saw the contract surpass this level.

The disruption to Qatari LNG production occurred on Monday amid ongoing tensions. Escalating regional conflict has resulted in the suspension of oil and gas shipments through the Strait of Hormuz, further contributing to rising global energy prices and shipping costs.