Jefferies analyst Jonathan Wolff has updated the firm’s outlook for oil & gas prices and adjusted its ratings on several E&P stocks in the space.

In terms of gas, Jefferies has dialed back its price forecast by $0.50 for both 2016 and 2017 to $3.00 and $3.50, respectively. However, the firm maintains its long-term above-consensus bullish forecast of $4.00 for gas prices beyond 2017.

When it comes to oil prices, Jefferies is not as bullish. “OPEC is producing flat out into a market that is overwhelmed by over 1 MM b/d; already decelerating demand growth could further decay with slowing economic activity; and OECD inventories that are already at record levels are likely to expand through at least the middle of the year,” Wolff explains.

Jefferies is now calling…

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