Reuters LONDON – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict. “Bullish sentiment continues to gather momentum as we move closer to June, when … the global crude balance is set to reach net short territory, to the tune of a
Reuters The risk of a sharp pull-back in oil prices has decreased as the rebalancing of the crude market gathers pace, Goldman Sachs said, aided by a gradual lifting of coronavirus lockdowns and a faster-than-expected fall in output. The Wall-Street bank raised its May global demand estimate by 1.4 million barrels per day (bpd), but still sees a decline of
CNBC The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs. The Covid-19 pandemic has meant countries have effectively had to shut down, with many governments imposing strict restrictions on the daily lives of billions of
Reuters UBS expects a pick-up in oil demand as virus-hit economies relax lockdowns and travel restrictions ease this month, with production to be subdued on the backdrop of current low prices and aggressive capital spending cuts by oil and gas producers. “We therefore expect the oil market to be balanced in third quarter and undersupplied in fourth quarter, and Brent
Reuters Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude LCOc1 prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate
CNBC The widow-making collapse in oil prices came to a pause in Asia trade on Thursday, but analysts aren’t convinced that the worst sell-off in oil market history is over yet. “We think that this is the inflection phase,” Goldman Sachs oil analyst Damien Courvalin told CNBC’s “Squawk Box Asia.” “Even though demand may not recover quickly, the production shut-ins
CNBC Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output. The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of
CNBC The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.” A global health crisis has meant countries around the world have effectively had to shut down, with many governments placing massive restrictions on the daily lives of hundreds of millions
CNBC Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak continues to pressure demand. “Demand losses across the complex are now unprecedented,” Goldman’s global head of commodities research Jeffrey Currie wrote in a note to clients Tuesday. The firm said that oil use has fallen by eight million barrels per day as the coronavirus has led to
Houston Chronicle A flare-up in U.S.-Iran tension may be keeping oil elevated, but an actual disruption to global crude supplies is needed to keep prices at current levels, according to Goldman Sachs Group Inc. Price risks for Brent, which has surged about 6% since the U.S. strike killed a top Iranian general, are skewed to the downside in the coming
Houston Chronicle WASHINGTON – The investment bank Goldman Sachs is committing to make available $750 billion over the next decade to invest in and finance cleaning up the energy industry, along with making farming more sustainable and reducing poverty, the company said Monday. In an op-ed in the Financial Times, Goldman CEO David Solomon wrote, “companies have traditionally treated sustainability
Reuters Goldman Sachs on Monday raised its 12-month commodity returns forecast by 3% to 6.4% citing an improved outlook for oil after an OPEC-led agreement to curb output further as well as agriculture sector supply concerns. “Policy clarity” after the U.S.-China trade deal and the British elections could trigger commodity demand, analysts at the bank said in a note. “However,
