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Goldman Sachs Reduce Brent Forecast for Q4 and 2023

OIL

Goldman Sachs reduces Q4 2022 Brent forecast by 25$/bbl to 100$/bbl and WTI to 95$/bbl according to an analyst note.

  • Brent Q1 2023 forecast cut from 130$/bbl to 105$/bbl and 2023 from 125$/bbl to 108$/bbl
  • “A strong USD and falling demand expectations will remain powerful headwinds to prices into year-end”
  • “The structural bullish supply set-up -- due to the lack of investment, low spare capacity and inventories -- has only grown stronger, inevitably requiring much higher prices”
  • “It would take an economic hard-landing to justify sustained lower prices”
  • They expect OPEC to keep production near current levels for the rest of the year.
Energy BulletsCommodities
Energy BulletsCommodities

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