All articles tagged with #oil price forecast
Macquarie Group analysts warn oil could reach as high as $200 per barrel if the war in the Middle East drags on and the Strait of Hormuz remains blocked, with a 40% chance of a prolonged conflict into June and a 60% chance it ends by March; sustained disruption could push Brent to roughly $150–$200, with even higher costs for diesel and jet fuel, despite a large IEA emergency oil release.
Goldman Sachs raised its oil-price forecast, projecting Brent at about $85/bbl and WTI at about $79/bbl for this year, citing a peak supply disruption of around 17 million barrels per day from the Strait of Hormuz situation. The bank assumes tanker disruptions will last six weeks with shipments gradually recovering within a month, though some observers warn the disruption could persist longer. At publication, Brent traded near $112.69/bbl and WTI near $99.60/bbl.
Goldman Sachs has lowered its 2023 outlook on the price of Brent Crude to $86 a barrel due to strengthening oil supply and weakening demand. The investment firm had initially predicted $95 a barrel. Goldman Sachs said that significant supply beats from Iran and Russia have driven speculative positioning to near record lows. However, the bank's constructive oil call remains unchanged and includes demand growth for service-oriented refined products, a slowdown in U.S. supply, and OPEC's pricing power.
Goldman Sachs has cut its oil price forecast by almost 10% due to concerns over the spread of the Delta variant and its impact on the energy market. The bank now predicts Brent crude will average $75 a barrel in the fourth quarter, down from its previous forecast of $80.