Goldman Sachs raised its oil price forecasts for 2020, citing tighter-than-expec...
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid - RC1BDE36CF80
“We are increasing our forecast for backwardation in 2020 although our long-term marginal cost forecast remains unchanged,” Goldman analysts wrote in a note dated Dec. 6. Brent futures LCOc1 were down 0.3% at $64.19 per barrel, as of 0632 GMT, having risen sharply last week after OPEC and its allies agreed to deepen output cuts.
The decision, “crystallizes an important shift in OPEC+ behavior to managing short-term physical surpluses and deficits rather than trying to correct perceived long-term imbalances through open-ended commitments,” the Wall Street bank said.
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