Goldman Sachs raises 2Q26 TTF, JKM natural gas price forecasts

March 9 (Reuters) - GOLDMAN SACHS:

• SAYS LNG BALANCE REVISION LEADS TO FURTHER RAISING OF 2Q26 TTF PRICE FORECAST TO 63 EUR/MWH OR $22/MMBTU (FROM 45 EUR/MWH), INCLUDING APRIL/MAY CONTRACTS (TRADED DURING MARCH/APRIL) AT 75/70 EUR/MWH ($26/$24/MMBTU)

• RAISES 2Q26 JKM PRICE FORECAST TO $23/MMBTU (FROM $16), ABOVE FORWARDS AT $19/MMBTU

• SAYS 2027 GAS PRICE FORECASTS REVISED MARGINALLY HIGHER, AT 23 EUR/MWH FOR TTF (FROM 21 EUR) AND $8.30/MMBTU FOR JKM (FROM $7.55)

• SAYS RISKS TO REVISED PRICE FORECAST ARE TWO-SIDED, WITH A LONGER-THAN-EXPECTED HORMUZ CLOSURE POTENTIALLY REQUIRING TTF TO TEMPORARILY APPROACH 100 EUR/MWH

• SAYS QUICKER CONFLICT RESOLUTION WOULD LIKELY DRIVE A FASTER DROP IN TTF BACK TO COAL SWITCHING RANGE IN THE 40 EUR/MWH RANGE