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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 barrelSaid 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“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,”
Just on cue, OPEC+ ministers meet to decide on November production policy with an output cut being touted with prices near January lows. Since mid-Jun
[See the full post at: Around The Barrel – Crude Oil and Gasoline Outlook with Another OPEC Storyville]
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