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Goldman Cuts Oil Forecasts on Bearish Signals

OIL

Goldman Sachs has revised its oil forecasts lower over banking sector and recession fears.

  • The bank’s analysts now see Brent reaching $94 a barrel for the 12 months ahead, and $97 a barrel in the second half of 2024, versus $100 a barrel previously.
  • “Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows,” the bank said in a March 18 note. “Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices.”
  • Following the decline in prices, the bank now expects OPEC producers to only increase output in the third quarter of 2024, versus in the second half of 2023.
  • Goldman had been one of the most bullish banks on oil this year previously, citing the Chinese re-opening as a key demand driver for triple digit oil prices.
Energy BulletsCommodities
Energy BulletsCommodities

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