Banks that lend to U.S. energy companies are forecasting a “slight” increase in natural gas prices from 2024 into 2025, but mild weather and healthy storage levels have left the bears in charge in the near term, according to a survey by Haynes and Boone LLP.

Lenders from the 25 banks that responded to the Fall 2023 Energy Bank Price Deck Survey were less than enthusiastic about gas prices for 2024. However, 2025 is looking more bullish. The survey participants are regional banks that target smaller loans to independent oil and gas producers.

According to the survey, Henry Hub should average $3.46/Mcf in 2025, up nearly 25% from this year’s average of $2.78.

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