”We expect Brent crude to average $55/b in 2026, gradually declining to $50/b by year-end. TTF gas prices forecast to average €30/MWh in 2026, with summer prices falling to €26/MWh. We expect Brent crude to average $55/b in 2026, gradually declining to $50/b by year-end. This reflects a persistent supply glut caused by weak demand growth and rising production from OPEC+ and non-OPEC producers. OPEC+ likely to keep its pause on production increases, aiming to stabilize market amid surplus and declining prices. China is nearing full storage capacity. This should reduce its stockpiling and hence its support for crude oil prices .European gas storage at 83%, providing adequate buffer against disruptions and easing geopolitical price impacts.”
Morten W. Langer
