Crude oil prices will rise through the back half of the 2020s while natural gas (NG=F) prices will fall, Goldman Sachs analysts said in a duo of notes released yesterday and today outlining the bank’s long-term view on the energy products.
The market is in near-total consensus that oil is headed for a major supply glut in 2026, as the OPEC+ cartel has continued to raise its production levels and Beijing has slowed its market-buoying purchases, which led headlines throughout the first half of 2025.
Prices on Brent crude oil (BZ=F), the international benchmark, and West Texas Intermediate (WTI) crude (CL=F), the US benchmark, will each fall by around 13% in 2026 as the “last supply wave” passes through the market, Goldman Sachs analysts wrote.
But the investment bank sees price movement reversing through 2027 and into the 2030s as production falls and markets turn back into a deficit,…
