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Goldman Sachs Oil Forecast

Jeff Currie. Goldman Sachs

In a brand new word, Goldman Sachs analyst Jeff Currie takes his six-month value forecast for West Texas Intermediate crude oil to $39 from $75 in a radical new outlook on the price of crude oil.

The $39 target is eye-catching, however Currie additionally takes his target on each Brent and WTI over the next three, 6, and 12 months radically lower.

For WTI, Currie sees pricing falling occidental petroleum of qatar contact number to $41, $39, and $65 over the subsequent three, 6, and 12 months, respectively. petroleum refinery plant This is down from $70, $seventy five, and $eighty.

Currie sees Brent prices additionally falling sharply, to $forty two, $forty three, and $70, down from a prior forecast of $80, $eighty five, and $ninety.

In slashing his forecast, Currie says the decision occidental petroleum of qatar contact number was made, “To accommodate the substantial anticipated first half inventory build and using the storage arbitrage to the one-12 months forward swap.”

This newest observe from Goldman, which additionally addresses the steep drop in the US rig rely, and what would must happen with oil for high yield debt defaults from oil drillers occidental petroleum of qatar contact number to result.

Goldman has been titling its notes on the oil space, “The new Oil Order” for a while now, and the latest from Currie gives a brand new perspective on simply what this would possibly imply for the business going ahead.

“A brand new business will possible be born out of this environment with decrease costs driven not solely by price deflation in other commodities, currencies, rig rates and oil companies but also by substantial productiveness positive aspects created by engineers going through tighter margins,” Currie writes. “Importantly, whereas shale is the marginal barrel in the present day, we don’t imagine it should signify the marginal challenge tomorrow.