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Msg  358810 of 372810  at  10/14/2021 8:57:37 AM  by

sfsorrow


Goldman Sachs says oil prices could be higher for much longer....CNBC this AM w/video


Higher for longer. The new meme.


http://www.cnbc.com/2021/10/14/goldman-sees-sustained-high-prices-for-oil-in-the-coming-year.html

Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, according to Goldman Sachs head of energy research.

Damien Courvalin, who is also a senior commodity strategist, said the market fundamentals warrant higher prices and that the banks forecast for Brent crude is $85 per barrel for the next several years.

This is not a transient winter shock like it could be for gas. This is actually the beginning of a material repricing higher for oil, he told CNBCs Street Signs Asia on Thursday.

The oil market is in the longest deficit weve seen in decades, and demand will continue to outstrip supply in winter, said Courvalin. The lack of upstream investment in oil supply while demand grows points to sustained high prices at least in the year ahead, he added.

Oil drilling activity hasnt recovered much on the supply side, while demand is growing, he said, describing the market as being in an entrenched deficit.

Were facing potential multi-year deficits and the risk of significantly higher prices, he said.

There needs to be a realization that the transition to cleaner energy will take a long time, and that calls to stop investing in hydrocarbon supply will only create much higher energy prices in the coming years, he said.


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Replies
Msg # Subject Author Recs Date Posted
358817 Re: Goldman Sachs says oil prices could be higher for much longer....CNBC this AM w/video MrBigger 6 10/14/2021 9:11:52 AM
358937 Re: Goldman Sachs says oil prices could be higher for much longer....CNBC this AM w/video Comox52 2 10/14/2021 3:38:39 PM


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