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.”


Отвори реална сметка при Варчев Брокърс и получи 1 месец БЕЗПЛАТНО членство във · Varchev Trading Club ·

  • 24/7 персонален съпорт от рийл про трейдъри, единствени и в Събота и Неделя
  • 6 cash points за вноски и тегления на каса
  • Ултра тесен спред
  • Котировки директно от борсите
  • Мигновенно изпълнение на ордери
  • 24/7 търговия с крипто валути
  • 3 различни платфроми за търговия

17 години Лицензиран Инвестиционен Посредник

 Junior Trader Mert Mustafa

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance