Oil Price Goldman Sachs raised its 2022 price forecast for Brent crude from $99 to $104 per barrel. The increase was driven by the OPEC+ decision to reduce output by 2 million bpd. Although the 2-million-barrel figure is nominal and the actual output cut would be smaller, at around half that, the bank believes the physical oil market is tight enough
CNBC LONDON — Natural gas is one of several commodities caught in the crossfire of the conflict in Ukraine, and the European economy could take a hit if Russia halts its exports. Supply-side risks arising from the war have stoked extreme volatility across global commodity markets, with oil, nickel and wheat also surging alongside natural gas in recent weeks. Natural gas
CNBC Hydrogen has an important role to play in any transition to net-zero and its generation could develop into a market worth over $1 trillion a year, according to Goldman Sachs. “If we want to go to net-zero we can’t do it just through renewable power,” Michele DellaVigna, the bank’s commodity equity business unit leader for the EMEA region, told CNBC’s “Squawk
World Oil SINGAPORE (Bloomberg) – The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc. The U.S. is likely to sell at least 20 million to 30 millions barrels of crude from the Strategic Petroleum Reserve and
CNBC Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, according to Goldman Sachs’ head of energy research. Damien Courvalin, who is also a senior commodity strategist, said the market fundamentals warrant higher prices and that the bank’s forecast for Brent crude is $85 per barrel for the next several
Fox Business Goldman Sachs Group Inc. raised its forecast for global crude oil prices to reach $90 per barrel by the end of this year, up from $80, due to supply disruptions in the Gulf of Mexico and signs of strengthening demand. Brent crude, the international standard, climbed $1.39 at $79.48 per barrel. West Texas Intermediate crude oil, the U.S. benchmark, traded higher
Nasdaq U.S. investment bank Goldman Sachs said the OPEC+ deal to boost oil supply supports its view on oil prices and expects modest “upside” to its summer forecast for Brent to reach $80 a barrel. OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, agreed on Sunday to boost oil supply from August to cool prices
Reuters Goldman Sachs said on Friday the recent slip in commodities prices driven by the U.S. Federal Reserve’s decision to bring forward projections for interest rate hikes into 2023 was a buying opportunity for investors. “The bullish commodity thesis is neither about inflation risks nor Fed forward guidance. It is about scarcity and strong physical demand,” the Wall Street bank
Reuters Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply. “The case for higher oil prices therefore remains intact given the large vaccine-driven increase in demand in the face of inelastic
Reuters Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices “takes a big breather.” Oil prices are set to drop about 9% this week after growing worries about weak demand in Europe and a strengthening U.S. dollar sent Brent futures down
Reuters Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said. The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels per day (bpd) in the fourth quarter of 2020 driven by higher demand and lower supplies from producers outside the
Reuters LONDON (Reuters) – Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so. While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery”, the bank contends it is just “the beginning of a much longer structural bull market for commodities”. “Looking at the 2020s, we believe that similar structural forces to
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