The 9th OPEC International Seminar in Vienna focused on energy security, investment, climate change, and energy poverty. Standard Chartered analysts noted a significant discrepancy between energy producers and market analysts regarding spare production capacity, which could lead to a $15/barrel increase in oil prices by 2026.

Goldman Sachs raised its oil price forecast for H2 2025 due to supply concerns and low spare capacity. They predict Brent to reach $66/bbl and WTI at $63/bbl. However, they maintained their 2026 price forecast at $56/bbl for Brent and $52 for WTI, citing a 1.7M bbl/day surplus.

Gas inventories in Europe have been rising, but demand remains lackluster despite high temperatures. StanChart is optimistic about natural gas prices, suggesting the market may not fully account for potential Russian supply disruptions. A bipartisan bill in the U.S. could impose sanctions on Russia, impacting gas exports.

StanChart estimates EU imports of Russian gas to be 79.8 mcm/d. With the threat of sanctions on Russian gas looming, there could be a strong rally in natural gas prices. Washington’s actions could lead to increased demand for U.S. LNG, potentially impacting global gas markets.

Read more at Yahoo Finance: Why Oil Prices Could See a Significant Upside Shift