Uncertainty around U.S. economic policy is lingering but not diminishing the long-term forecast for natural gas prices, based on a survey of banks that lend to exploration and production (E&P) companies, according to Haynes Boone.

Line chart titled "Haynes Boone Natural Gas Base Case Price Deck Survey" comparing Fall 2024 and Spring 2025 mean natural gas price forecasts in $/MMBtu. The chart shows Fall 2024 estimates rising from $2.92 to $3.24 and Spring 2025 estimates declining from $3.50 to $3.20. Data source is Haynes and Boone LLP, with branding from NGI.

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In its Spring 2025 Energy Bank Price Deck Survey of 28 financial institutions, the law firm found that energy fundamentals remained intact, similar to the fall survey.

Oil and natural gas prices have shifted, but longer term, the outlook is “still in line with past projections,” the survey found. “This level of consistency helps support continued access to secured credit for oil and gas producers.”