Deloitte forecast sees weak oil prices persist as natural gas prices rise

January 6, 2026

RED FM News Desk

Deloitte’s latest energy outlook predicts subdued crude oil prices will continue this year, while natural gas prices are expected to strengthen.

The consulting firm forecasts West Texas Intermediate (WTI), the key U.S. light crude benchmark, will average US$58 a barrel — roughly in line with current trading levels. That figure is about 20 per cent lower than a year ago and roughly 12 per cent below the commodity’s 2025 average.

Deloitte partner Andrew Botterill says the forecast does not factor in the recent U.S. raid in Venezuela, but he expects little near-term impact due to ongoing global oil oversupply.

Meanwhile, Alberta natural gas prices are projected to climb to an average of $2.95 per mmBTU next year, up from $1.72 last year. The increase comes as LNG Canada’s export terminal begins shipping Canadian natural gas to Asian markets.

Botterill notes that rising demand from energy-intensive artificial intelligence data centres has yet to be fully reflected in natural gas pricing, but says it remains a key trend to watch going forward.