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OIL: Goldman See Potential $20/bbl Oil Shock on Iran

OIL
BulletEnergy BulletsCommodities

Goldman Sachs says crude could spike by $20/bbl on Iran oil shock:

  • “If you were to see a sustained 1 million barrels per day drop in Iranian production, then you would see a peak boost to oil prices next year of around $20 per barrel,” Daan Struyven, Goldman Sachs’ co-head of global commodities research said on CNBC.
  • “The bigger concern is this is the kind of a much more imminent beginning of a wider conflagration of the conflict which could impact transit through the Strait of Hormuz,” he added.
  • “We’ve seen a significant flurry of buying in the options markets as people buy insurance against a significant price spike,” Struyven said. 
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Goldman Sachs says crude could spike by $20/bbl on Iran oil shock:

  • “If you were to see a sustained 1 million barrels per day drop in Iranian production, then you would see a peak boost to oil prices next year of around $20 per barrel,” Daan Struyven, Goldman Sachs’ co-head of global commodities research said on CNBC.
  • “The bigger concern is this is the kind of a much more imminent beginning of a wider conflagration of the conflict which could impact transit through the Strait of Hormuz,” he added.
  • “We’ve seen a significant flurry of buying in the options markets as people buy insurance against a significant price spike,” Struyven said.