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oil prices, oil trading
Page added on March 12, 2010
Falling oil inventories and a 2010 recovery in oil demand will boost crude oil prices this summer, Goldman Sachs predicted today. Goldman Sachs forecasts the crude oil prices will be trading between $92 and $97 a barrel in 3 to 6 months time.
“For this time of year, OECD total petroleum inventories would need to be 100 to 150 million barrels below current estimated levels for front month to rise above second-month WTI crude oil prices,” Goldman analysts David Greely and Jeffrey Currie said in a research note.
“As inventories decline and the benefits to physical oil producers, consumers, and refiners of having oil inventories on-hand begin to outweigh their costs of storing it, they will increasingly be willing to pay to hold inventories,” Goldman said.
Goldman said it expected the oil futures curve to shift from contango into backwardation by the summer as oil stocks declined and the benefits to producers, consumers, and refiners of having inventories to hand began to outweigh storage costs.
2 Comments on "Goldman Sachs predicts summer oil price at $92 – $97 range"
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Mike on Wed, 17th Mar 2010 10:10 pm
Lol, of course Goldman Sachs predicts that the price of oil will be $92-97 by summer. They are the greedy,evil low lifes who are manipulating the price of oil to line their pockets with more money,greedy bastards
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Jim Fenton on Thu, 18th Mar 2010 6:21 pm
Same story….some entity who has massive investments in oil issues a statement that the price is going to be sky high and the other investors follow right along and drive the price up.
What I wonder is…after the cost of oil and the economic situation in general completes it’s destruction of the middle class here in the US…who’s going to be able to buy all of this expensive commodity to support the traders / investors?
There are those of us in what was the middle class who talk a lot about this and at what level the price of gasoline will cause us to further reduce our use. It’s knocking on the door now folks…but I know common sense doesn’t work here.
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