Goldman Sachs dials down its bullishness on oil

The team at Goldman Sachs has been bullish on commodities and oil but with prices stuck in a range, they're dialing it back.

They now see brent averaging $90 in Q2 compared to $105 previously with price gradually rising to $100 at year end. They expect oil to stay steady at $100 in 2024 "assuming OPEC boosts output by 1 million bpd" If OPEC doesn't add oil to the market, they see brent at $107 at year end.

Goldman has been sticking to the $100 year-end call for awhile.

Oil has been choppy today after hitting an air-pocket and recovering a shot time ago. WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term was last down 63-cents to $75.67.

Here's the note: