Goldman Says $100 Oil Possible (in 2023) as Record Demand Outpaces Supply While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either higher cost inflation for drillers, or if an unexpected supply shortfall forces prices to spike high enough to destroy demand, said Damien Courvalin, head of energy research. The upside risks underscore why Goldman remains bullish on oil even after prices have rallied more than 40% this year. The bank sees the recent sell-off as overdone on unnecessary concerns about omicron-related restrictions and expects investors to buy the dip once asset managers reallocate money next year. “There’s insufficient supply in the face of strong demand,” Courvalin said in a call with reporters Friday. “Oil prices have to be higher to overcome the higher cost of capital to fund projects.”
Oh fuck these guys. They were saying this last year, and the year before. ONE HUNDRED OIL, HERE WE COME! Damned reprobates. They need to have their salaries slashed by 95% and grow humble on their forecasts. Shit-lickers, all of them!
Well it's flagging right now so they could be right but I don't know if it goes much higher than $85.
Goldman morons were pumping $250 oil just a few months back. Fact is oil is political and no matter what the western govts won't allow super high oil since it jeopardizes their re-elections. And Just wait until Iranian crude comes online.
They've called Oil correctly all year. There could be a spike in 2022 if the economy opens up fully. I can't see Oil going below $60 and the potential upside is quite high given how many producers shuttered new production. Latest US inventory was a draw and that's despite Biden borrowing some from reserves. The hidden story is the nat gas shortages in Europe and China never really went away it's just been entirely discounted by traders. When Dutch Nat Gas spikes up there has to be some repercussions at some point imo but I'm not sure about that dynamic and what it means. I just roll with the punches and keep my hand in Canadian Oil producers with great cash flow at $70 WTI.