Goldman Sachs on oil and commodities:
- Commodities will rally 13.5% in the next six months
- oil to $80/bbl , global consumption will surge 5.2m b/d over the next six months, which is 50% larger than the next biggest increase over that timeframe since 2000 ... "The magnitude of the coming change in the volume of demand -- a change which supply cannot match -- must not be understated"
- copper to $11,000/ton
- commodity markets have looked through the sharp rise in Covid-19 cases in India
GS forecast greater mobility, citing:
- aided by vaccines,
- a seasonal upswing in transportation, manufacturing and construction, beginning now and accelerating into June
- pace of vaccination accelerates in Europe, increased travel demand will result
- easing of international travel curbs in May
GS comments come via Bloomberg
