A research note from Goldman Sachs on oil.
Sees Brent crude oil averaging $100 per barrel over the last three months of the year
- down from its previous forecast of $125
For 2023 sees Brent averaging $108 per barrel
- down from its previous $125
Said it anticipated oil prices would likely rise from the current levels citing:
- “critically tight” market
On the lower forecast, citing:
- strong dollar
- weakening demand
- remain powerful headwinds to prices into year-end.
- Yet, the structural bullish supply set-up -- due to the lack of investment, low spare capacity and inventories -- has only grown stronger, inevitably requiring much higher prices
More:
- "While it may be surprising that oil is pricing such low growth expectations, this reflects the outsized exodus of investors, forced away by the extreme price volatility this spring,"
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This also from overnight:
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Oil update:
