{"id":188202,"date":"2021-02-23T07:41:50","date_gmt":"2021-02-23T07:41:50","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=188202"},"modified":"2021-02-23T07:44:59","modified_gmt":"2021-02-23T07:44:59","slug":"goldman-sachs-oil-prices","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/goldman-sachs-oil-prices\/","title":{"rendered":"Goldman Sachs makes optimistic forecasts for oil prices"},"content":{"rendered":"\n<p>Goldman Sachs Group gave an optimistic forecasts for oil prices after the middle of this year, citing never-<a href=\"https:\/\/www.bnreport.com\/goldman-sachs-expects-oil-prices-to-surge-in-mid-2021\/\">anticipated-before<\/a> numbers.<\/p>\n\n\n\n<p>The group expected oil prices to rise sooner and higher than expected, at $75 a barrel in the third quarter this year.<\/p>\n\n\n\n<p>The group said global energy demand will exceed supply from the <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjG4YuUwP_uAhXjIMUKHczFD_8QmhMwLHoECC0QAg&amp;url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FOPEC&amp;usg=AOvVaw24nXAqssaK8w-gumBJbTcl\">OPEC+<\/a> alliance, shale oil companies and Iran.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Goldman Sachs forecast for Oil Prices<\/strong><\/h2>\n\n\n\n<p>Goldman Sachs said global oil consumption will return to before COVID-19 levels &nbsp;by late July.<\/p>\n\n\n\n<p>Production from the major producing countries is likely to remain very inelastic with higher prices.<\/p>\n\n\n\n<p>Goldman Sachs raised its forecast for Brent crude by $10 to $70 a barrel during the second quarter of 2021. The group said prices to rise to $75 in the following three months (the third quarter).<\/p>\n\n\n\n<p>\u201cThis faster re-balancing during what was expected to be the dark days of winter will be followed by a widening deficit this spring as the ramp-up in OPEC+ production lags our above-consensus demand recovery forecast,&#8221; bank analysts including Damien Courvalin said.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Recovery levels<\/strong><\/h2>\n\n\n\n<p>Recent price recovery was driven by unilateral Saudi &nbsp;production cuts along with improved demand outlook.<\/p>\n\n\n\n<p>The rally has also been supported by investors using crude to position for a reflationary environment, Goldman said.<\/p>\n\n\n\n<p>Brent oil traded above $63 a barrel on Monday and is up around 22% this year.<\/p>\n\n\n\n<p>The bank said supply will keep lagging behind demand for several reasons:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>OPEC+ will fall behind the market rebalancing, especially as the pace of global drawdowns of stockpiles has accelerated.<\/li><li>There are no signs of more activity from most non-OPEC+ producers outside of North America, creating a risk supply will fall 900,000 barrels a day short of the bank\u2019s estimates in the coming year.<\/li><li>The U.S. earnings season confirms that big explorers and producers, the key drivers of U.S. shale output, remain focused on returning cash to shareholders.<\/li><li>Indications from the U.S. government suggest Iranian output likely won\u2019t increase in the short term.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs Group gave an optimistic forecasts for oil prices after the middle of this year, citing never-anticipated-before numbers. The group expected oil prices to rise sooner and higher than expected, at $75 a barrel in the third quarter this year. The group said global energy demand will exceed supply from the OPEC+ alliance, shale [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":188207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[278,1069,169],"class_list":["post-188202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-featured","tag-goldman-sachs","tag-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Goldman Sachs makes optimistic forecasts for oil prices - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport- Trade- Goldman Sachs Group Inc. has given an optimistic forecasts for oil prices after the middle of this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/goldman-sachs-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs makes optimistic forecasts for oil prices - 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