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BRIEF-Goldman Expects Sum25 TTF 36%-56% Below 50 EUR/Mwh If Russia Gas Flows Through Ukraine Back To Pre-War Levels

ReutersFeb 14, 2025 4:06 AM

- GOLDMAN SACHS:

  • IF RUSSIA GAS FLOWS THROUGH UKRAINE RETURNED TO PRE-WAR LEVELS, THEY WOULD EXPECT SUMMER 2025 TTF 36%-56% BELOW THEIR 50 EUR/MWH BASE CASE

  • SAYS THEY TAKE NO VIEW ON THE ODDS OF THE ONGOING RUSSIA-UKRAINE CONFLICT ENDING

  • SAYS THEIR BASE-CASE FOR TTF GAS PRICES FOR 2025/2026 IS 50/36 EUR/MWH

  • SAYS IN OIL, THEY CURRENTLY ASSUME ONLY SMALL PRODUCTION INCREASES ASSOCIATED WITH OPEC+'S RETURN OF BARRELS TO THE MARKET DURING 2H25

  • SEES BRENT AVERAGING $78/73 IN 2025/2026

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