Goldman sachs report on crude oil forecast
Goldman Sachs slashed its price forecast for second-quarter Brent crude oil by a third to $20 a barrel, predicting global demand would drop a record of 1.1 million barrels per day (bpd) this year as the coronavirus epidemic slams economic growth. Goldman Sachs Group Inc. is doubling down on its bullish outlook for oil. The bank still forecasts that global benchmark Brent crude will hit $67.50 a barrel next quarter, driven by healthy demand and supply curbs by OPEC and its allies such as Russia, analysts including Damien Courvalin said in a Feb. 12 report. Goldman now sees U.S. West Texas Intermediate crude and international benchmark Brent crude both averaging $20 per barrel in the second quarter. Earlier on Tuesday the firm said WTI would average $22, before revising the forecast to $20 just a few hours later. Goldman has cut estimates multiple times in the last few weeks. According to Goldman Sachs, Brent and WTI crude oil spot prices could average $63 per barrel and $58.5 per barrel, respectively, in 2020. The earlier forecast was $60 per barrel and $55.5 per
In a note on April 8, Goldman Sachs (GS) increased its price forecast for Brent crude oil to $66 in 2019—$3.5 higher than the last forecast. On April 8, Brent crude oil active futures settled at $71.1 per barrel. Goldman Sachs expects WTI crude oil to average around $59.50 in 2019 from $55.50.
Goldman Sachs expects global crude oil inventories to keep falling. Updated / Wednesday, 22 Feb 2017 08:16. The Wall Street bank reiterated its forecast for Goldman Sachs forecasts global oil demand will shrink 150K bbl/day this year, including a global demand loss of 2.1M bbl/day in H1, and cuts its price forecast for Brent crude (NYSEARCA:BNO) to $47/bb The brokerage said it expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019. Goldman Sachs slashes 2019 oil price forecast amid oversupply concerns. The investment bank now expects international benchmark Brent crude to average $62.50 a barrel this year, down from a previous forecast of $70.
Goldman Sachs forecasts global oil demand will shrink 150K bbl/day this year, including a global demand loss of 2.1M bbl/day in H1, and cuts its price forecast for Brent crude (NYSEARCA:BNO) to $47/bb
18 Mar 2019 Goldman Sachs says demand for oil is rising faster than expected, putting Brent crude, the international benchmark for oil prices, on course to 2 Nov 2018 Goldman Sachs estimates that Iranian crude exports will fall to 1.15 update report from Capital Economics, the outlook for a stronger oil price 13 Feb 2019 The firm's analyst Damien Courvalin reaffirmed his second-quarter forecast of $67.50 per barrel of Brent crude oil. “We continue to forecast
(Reuters) - Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand.
Goldman Sachs raises 2017 oil price forecast on compliance rethink. London — Goldman Sachs raised Friday its oil price forecasts for 2017 after reassessing the likelihood that key global oil producers, led by Saudi Arabia, will stick to output cut pledges under OPEC's efforts to clear the oil market glut.
18 Mar 2019 Goldman Sachs says demand for oil is rising faster than expected, putting Brent crude, the international benchmark for oil prices, on course to
6 May 2008 Crude oil prices could surge to $200 a barrel in the next two years, warning in 2005 was criticised as “self-serving” because Goldman Sachs is one of the then chief executive – Henry Paulson – to defend the bullish report. 7 Jan 2019 Goldman Sachs downgraded its 2019 crude oil price view, but forecast a recovery from present levels in the absence of a “large” global 18 Mar 2019 Goldman Sachs says demand for oil is rising faster than expected, putting Brent crude, the international benchmark for oil prices, on course to
12 hours ago Former Shell Oil President John Hofmeister discusses his outlook for the oil the spreading coronavirus looks increasingly sharp," Goldman Sachs said in a ( Reporting by Aaron Sheldrick and Ahmad Ghaddar; Editing by 22 Jan 2020 oil price The US West Texas Intermediate (WTI) oil fell $0.33 to $58.05 a barrel, Investors are yet to receive API report today, while EIA report is due tomorrow. Goldman Sachs said that if the virus develops to SARS-like 9 Apr 2019 Goldman Sachs has raised its forecast for crude oil prices this year, with supply hit by the "shock and awe" implementation of OPEC-led output 6 May 2008 Crude oil prices could surge to $200 a barrel in the next two years, warning in 2005 was criticised as “self-serving” because Goldman Sachs is one of the then chief executive – Henry Paulson – to defend the bullish report.