This from a Goldman Sachs note on oil, comes via a Reuters piece (link here)
- the case for higher oil prices was still strong
- The market will remain in unsustainable deficits at current prices and balancing it will still require "demand destruction on top of the ongoing economic slowdown,"
- a divergence between benchmark Brent prices , which averaged $110 a barrel in June and July, and the corresponding Brent-equivalent global retail fuel price of $160 per barrel was not enough to trigger enough demand destruction to end the supply deficit.
- trimmed its Brent price forecasts for the third and fourth quarters to $110 and $125 a barrel, respectively, versus previous forecasts of$140 and $130. It kept its 2023 outlook of $125 unchanged