This via a CNBC report conveying oil thoughts from analysts at Goldman Sachs.
- base case is for Brent to hit $90 per barrel by the end of the year ... forecast for Brent crude is $85 per barrel for the next several years
- “This is not a transient winter shock like it could be for gas.”
- oil market is in “the longest deficit we’ve seen in decades”
- demand will continue to outstrip supply in winter
- Shale producers, however, are focused on returning cash to shareholders. “That’s the key of the sustainability of higher prices,” he said, adding that he sees oil demand hitting new record highs in 2022 and 2023. “The fundamentals actually very much support the view of higher prices than we’ve seen, pretty much since 2014”
