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Goldman Forecasts Active Hurricane Season More Bullish for Cracks than Oil

OIL

A more severe Atlantic hurricane season than normal poses more upside for refining margins rather than oil according to a Goldman Sachs research note.

  • Some refining infrastructure closed ahead of Beryl’s arrival this week while others saw glitches due to power outages. Oil and gas production meanwhile was largely untouched.
  • Goldman Sachs said it still expects Brent prices to average $86/bbl this quarter as OECD commercial stocks continue to be drawn down and "spreading wildfires in Alberta are already disrupting Canadian oil production."

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