Just days after OPEC slashed its oil demand forecast as a result of the slowdown in China's economy due to the Covid-19, moments ago Goldman has doubled down … Analysts expect benchmark Brent crude futures to rally to $65 per barre… Higher demand for travel and acceleration of vaccinations in Europe are set to result in “the biggest jump in oil demand ever, a 5.2 million barrels per day (bpd) rise over the next six months,” Reuters quoted Goldman Sachs as saying in a note to clients. Following the report by Damien Courvalin and our commodities research colleagues we incorporate a higher oil price outlook for Brent from $61 per … Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets. Goldman Sachs continues to see oil rising to $80 per barrel this summer and says that “The magnitude of the coming change in the volume of demand -- a change which supply cannot match -- must not be understated,” as carried by FXStreet. A price War is brewing in Saudi Arabia after OPEC refused their deal, and the Coiv-19 outbreak is also influencing the entire global market still after a full year. Calculated from the current price, this means a price increase of almost 50%. Goldman Sachs continues to see oil rising to $80 per barrel this summer and says that “The magnitude of the coming change in the volume of demand -- a change which supply cannot match -- … Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months, the investment bank said on Wednesday, keeping its bullish forecasts for oil prices this summer. Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 75.00/bbl 2022. GS … Meanwhile, oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand rebounds. Please, Oil Rally Takes Breather On Small Crude Draw, Canada Issues Warning To U.S. Over Oil Pipeline Shutdown Order, Oil Prices Bolstered By Crude Inventory Draw, Tanker Rates Surge After U.S. Fuel Pipeline Outage, Jet Fuel Demand Rebound Needs Return Of International Flights, Nuclear Reactions At Chernobyl “Cause for Concern”, Mexico's New Fuel Nationalization Law Hits Another Wall, PDVSA Reveals How Much Cash It Would Take To Fully Restore Oil Industry. Even after the sell-off in oil in mid-March, Goldman said that the “big breather” was a buying opportunity for oil and continued to forecast Brent hitting $80 per barrel in the summer. GOLDMAN: Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonnes in 2022 and $12,000 a tonne in 2023. Texas Freeze Led To Biggest Monthly Drop In U.S. Natural Gas Output, South Africa’s Emergency LNG-To-Power Deals Land In Hot Water, Traders Scramble To Buy Gasoline From Europe After U.S. (Reuters) - Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices “takes a big breather.” … One Junior Miner May Have Sparked A New Gold Rush In Canada, The Energy Crisis That No One Is Talking About, Big Oil Eyes Wave Of Buybacks After Blowout Earnings. There are a lot of differing views about the status of Colonial Pipeline and when it will return to service. Individuals should consider whether they can afford the risks associated to trading. This article was originally published on Oilprice.com. 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows, Renewable Energy Growth Rate Jumped 45% Worldwide In 2020; IEA Sees 'New Normal', CRAPPIFORNIA DOES IT AGAIN! Having breached the $70 per barrel mark early this month, crude prices have dived over the … JP Morgan meanwhile. Goldman Sachs is raising its oil price forecast as three key factors should drive prices higher: low inventories, a slow return to prior production levels and speculative inflows. How Russia Could Kickstart Another Oil Price War, EU Admits It Can’t Go Net-Zero Without Natural Gas, The 5 Most Influential Oil Companies In The World. Crude Oil Price Forecast: For 2021 And Beyond. © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2021. Its forecast would still leave oil prices down sharply on the year. Even after the sell-off in oil in mid-March, Goldman said that the “big breather” was a buying opportunity for oil and continued to forecast Brent hitting $80 per barrel in the summer. Read RT Privacy policy to find out more. Merchant of Record: A Media Solutions trading as Oilprice.com. Despite these negative aspects, Goldman Sachs sees the oil future as rosy. Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months, the investment bank said on Wednesday, keeping its bullish forecasts for oil prices this summer. In early April, the investment bank expected excess oil inventories to normalize by the fall of 2021. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. This website uses cookies. Trading and investing carries a high risk of losing money rapidly due to leverage. In early April, the investment bank expected excess oil inventories to normalize by the fall of 2021. Subscribe to RT newsletter to get stories the mainstream media won’t tell you, FILE PHOTO: A oil pump outside Scheibenhard, near Strasbourg, France © Reuters / Christian Hartmann, Saudi Arabia may sell 1% of Aramco to a ‘leading global energy company’ – crown prince, Oil rises on expectations that OPEC+ may reconsider output policy, A tax on meat to save the planet? Goldman Sachs projected a bullish view for the oil market in 2021, as prices recover alongside a possible COVID-19 vaccine. Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction. Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months, the investment bank said on Wednesday, keeping its bullish forecasts for oil prices this summer. Could Trinidad And Tobago Become A Hotspot For Oil In The Caribbean? Since September 2020 I have been projecting virtually nonstop in my comments to articles posted by oilprice.com that Brent crude oil price would hit $60 a barrel in the first quarter of 2021, this it did and even went beyond. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude prices to $55.63 per barrel from $52.50 earlier. But the most prominent one is that service Pipeline Outage, Fuel Sales In The UK Surge, Adding Bullish Note To Global Oil Outlook, UN Chief Urges Banks to Halt Fossil Fuel Infrastructure Financing, New Mexico Proposes Tougher Emission Rules For Oil & Gas, Grid Operator Unwittingly Shut Down Natural Gas During Texas Freeze, China’s Natural Gas Imports Surge As Economy Recovers, India Ramps Up Oil Imports From Saudi Arabia After Price Cut, ERCOT Expects Record Power Demand In Texas This Summer, U.S. Energy Production Saw Steepest Drop On Record In 2020, U.S. And Iran Make Progress On Nuclear Deal Talks, Norway's Oil Industry Averts Strike With New Wage Deal, Higher Oil Prices Spur Brazil To Sell More Assets, 80% Of U.S. Coal Plants Are Uneconomic As Renewables Costs Drop, Saudi Arabia Could Slash Deficit To Below 5% Of GDP At $60 Oil, Biden Could Subsidize Nuclear Power To Reach U.S. Have Brent forecasts … The Tell Oil prices will rally ‘sooner and higher.’ Expect $75 Brent crude this year, says Goldman Sachs Published: Feb. 22, 2021 at 3:58 p.m. Russian Gas Giant Novatek Presents Answer To U.S. Shale. Brent. Higher demand for travel and acceleration of vaccinations in Europe are set to result in “the biggest jump in oil demand ever, a 5.2 million barrels per day (bpd) rise over the next six months,” Reuters quoted Goldman Sachs as saying in a note to clients. "We believe more is in store and forecast BCOM (S&P GSCI) returns of 6.8% (11.8%) over 12 months," Goldman said, adding the current economic climate is ideal for commodities growth. For example, the below chart from Goldman Sachs shows the forecast for the oil price. At the beginning of March, the bank expected Brent Crude prices to hit $80 a barrel in the third quarter this year, up by $5 compared to the previous forecast issued two weeks earlier. “Commodity markets have looked through the sharp rise in Covid-19 cases in India,” Goldman Sachs said today. Solutions trading as Oilprice.com forecasts that in the 2020 election and attempt to whitewash what happened on January 6th can. 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