Analysts at Goldman Sachs Group, including Daan Struyven, stated in a report released on April 8 that the firm has lowered its price expectations for European natural gas in the second quarter of 2026, citing lower-than-expected Chinese liquefied natural gas (LNG) imports.

Goldman Sachs now forecasts that European natural gas prices will reach 50 euros per megawatt-hour in the second quarter, down from a previous expectation of 70 euros per megawatt-hour. The price outlook for the second half of 2026 has also been adjusted downward from 43 euros per megawatt-hour to 42 euros per megawatt-hour.

The report noted that if there are significant delays in the resumption of LNG shipments through the Strait of Hormuz or damage to natural gas production facilities, the market would require broader demand suppression.

Under such circumstances, Dutch TTF natural gas prices could exceed 75 euros per megawatt-hour, testing higher price ranges.

Goldman Sachs also indicated that oil price risks are skewed to the upside due to potential prolonged supply disruptions and persistent production losses. If a ceasefire fails to hold or the reopening of the Strait of Hormuz is delayed by one month, even if Persian Gulf oil production returns to pre-conflict levels, the average Brent crude price in the fourth quarter could still reach $100 per barrel.

Should the strait's reopening be delayed and Middle Eastern production remain reduced by 2 million barrels per day, Brent crude prices could climb to $115 per barrel.

The bank maintained its existing oil price forecasts: - Brent crude: $82 per barrel in Q3, $80 per barrel in Q4. - WTI crude: $77 per barrel in Q3, $75 per barrel in Q4.