S&P Global Ratings Lowers Its Oil Price Assumptions On Potential Oversupply; Natural Gas Price Assumptions Unchanged

S&P Global Ratings has reviewed its hydrocarbon price decks and lowered its Brent and WTI oil price assumptions by $5 per barrel (bbl) for the remainder of 2025 to $65/bbl and $60/bbl respectively. We left assumptions for 2026-2028 unchanged. This revision supersedes our last oil price update published March 6, 2025. Context for our unchanged natural gas price assumptions can also be found in that article. To calibrate the potential use of cash flow volatility adjustments and the resilience of the financial risk profile and ratings, we maintain a ratings midcycle price reference point to be used in our analysis of oil and gas producers. These midcycle prices are unchanged at $50/bbl of oil for WTI and $55/bbl for Brent

...- We lowered our Brent and West Texas Intermediate(WTI) oil price assumptions by US$5 per barrel for the rest of 2025 on our view that the oil market could be oversupplied. - Our assumptions per barrel for Brent and WTI remain the same for 2026 through 2028. - Our assumptions for Henry Hub, AECO, and TTF remain unchanged for 2025-2028. - At this time, we don't believe there will be many rating actions directly resulting from our price deck revisions for this year. S&P Global Ratings has reviewed its hydrocarbon price decks and lowered its Brent and WTI oil price assumptions by $5 per barrel (bbl) for the remainder of 2025 to $65/bbl and $60/bbl respectively. We left assumptions for 2026-2028 unchanged....

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