A note from GS from Friday on oil - see the price rally gaining further this month
From the note:
Oil prices due for a three-stage rally - can extend further into May after a "violent rebalancing."
oil fundamentals are "finally showing signs of improvement"
- Supplies have started to decline quickly
- signs of demand improving even ahead of lockdown measures being eased
- inflection into a deficit is still a few weeks away
"With the market's rebalancing now in motion, we expect a three-stage oil price rally, from relief, to cyclical tightening, and finally structural repricing"
Goldman forecast
- WTI oil can rally back to cash-cost levels of $US25 / bbl
