It baffles me that we’re still getting news reports on updated ‘forecasts’ from usual Wall Street gang.
Goldman Sachs sees lower oil? Well at the start of November they were forecasting WTI at $90 and Brent at $100 for Q1 2015. That was after WTI crude oil already fell to $80.
They’re far from the only tail chasers on the Street. Analysts are tripping over themselves to forecast lower oil.
One guy we should be listening to right now, that’s Citigroup’s head of global commodity research, Edward Morse. He predicted $75 oil in March. But even he was wrong about what OPEC would do this week.
Steve Briese, who has written the misnamed Bullish Review of Commodity Insiders newsletter for 25 years, was calling for $70 in Aug.
The best one of all — and someone please help me find out who said it — was a guy sometimes earlier this year (maybe Jan) said that all the same people who made the boom and bust in natural in 2005/2008 were now in shale and it would collapse the same way.
Your truly also wrote in the summer that Aug-Nov was the worst time of the year for oil seasonals.
