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Goldman Cites Three Main Factors in Recent Crude Selloff

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Goldman Sachs said in a client note the recent sharp selloff in Brent reflects three main factors:

  • Very weak EIA data for gasoline demand in the US – prompting a sharp selloff in gasoline margins which has spilled over into crude markets.
  • A shift in the crude curve driven by a rate-driven 2024 recession. Goldman says a soft landing in the US is still on track.
  • The third factor is placed on technical factors “including last Friday’s expiration of the November Brent contract and CTA selling.”
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Goldman Sachs said in a client note the recent sharp selloff in Brent reflects three main factors:

  • Very weak EIA data for gasoline demand in the US – prompting a sharp selloff in gasoline margins which has spilled over into crude markets.
  • A shift in the crude curve driven by a rate-driven 2024 recession. Goldman says a soft landing in the US is still on track.
  • The third factor is placed on technical factors “including last Friday’s expiration of the November Brent contract and CTA selling.”