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Goldman is raising its oil forecast, seeing a jump to $ 75 this year

Goldman Sachs raised its oil price forecast on Monday, predicting that Brent could rise to $ 75 a barrel in the third quarter amid rising demand and a slow recovery in supply. This price – which is well above the forecasts of most other analysts – would be extremely high for oil stocks.

This year, oil prices have risen by more than 20%. Last week’s storms forced some industries to be “offline” and caused prices to rise. On Monday, Brent crude futures rose 2.5% to $ 64.45 a barrel and West Texas Intermediate futures rose 2.9% to $ 60.98. .

Earlier, Goldman analyst Damien Kurvalin expected Brent to rise to $ 65 by the third quarter, but now sees $ 75 as likely.

At these prices, oil stocks can make big profits. Due to high initial oil costs, many US companies can’t even afford to invest until oil prices exceed $ 45 or $ 50.

Based on futures trading data, money managers and traders are more bullish on oil than they have been at almost any time in the past year, according to Citigroup analyst Ed Morse.

In addition to jet fuel, demand for petroleum products is growing rapidly as world economies retreat from their pandemic lows. While oil producers will increase production to take advantage of rising prices, supply is unlikely to catch up for some time, leading to a “narrow oil market this summer.”

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