Goldman Sachs has upgraded its price forecast for the Dutch TTF natural gas benchmark for the third and fourth quarters of 2026.
The investment bank cited escalating geopolitical tensions in the Middle East as the primary driver behind the more bullish outlook, signaling that markets are pricing in a higher risk premium for European energy supplies.
The revision comes as European natural gas prices have already spiked above the $700 per 1,000 cubic meters threshold for the first time since late March.
The revision comes as European natural gas prices have already spiked above the $700 per 1,000 cubic meters threshold for the first time since late March.
This surge is directly linked to renewed hostilities between the United States and Iran, which have disrupted supply expectations and heightened volatility across energy markets.
The Goldman Sachs adjustment reflects a growing consensus that the current geopolitical instability poses a sustained threat to supply chains rather than a transient shock.
The broader energy complex is feeling the pressure.