US EIA Crude Oil and Gasoline Outlook

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  • #19613
    TradersCom
    Keymaster

    EIA storage numbers have continued with big builds…

    [article]1309[/article]

    #19660
    ClemSnide
    Participant

    What a dirty game they play – huge build, not getting the Caracas lift so what does Goldman do? Put out a bullish note in the thin after after hours for the algos:

    Goldman Sachs head of commodities research David Currie says see “significant upside” ahead

    Says Brent crude will “overshoot” his $67.50/bbl price target in 2019

    Reasoning:
    China imports were up 30% y/y for December
    Supply is still coming off the market, both OPEC and non-OPEC oil producing countries cutting
    Global demand remains benign
    Recent economic data shows that what people think will happen is more negative than data releases would suggest

    #19661
    ClemSnide
    Participant

    I should add that GS were bearish down at $45 ….

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