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Goldman Bullish Commodities 2023

OIL

Commodities have the strongest outlook of any asset class in 2023 according to Jeff Currie, head of commodities research at Goldman Sachs.

  • With demand in China starting to rebound and insufficient investment in supply, the year as a whole will be a “Goldilocks” moment for rising prices he said.
  • “You cannot come up with a more bullish concoction for commodities,” Currie said. He sees parallels with the record run-up in prices from 2007 to 2008.
  • He said global oil use may rise by 2mn bpd his year if international travel resumes.
  • Last week, Goldman Sachs made a case for $105/bbl Brent by q4 2023 if demand growth hits expectations this year.
Energy BulletsCommodities
Energy BulletsCommodities

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