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☆ Tightening oil supply will drive crude oil prices to $115 a barrel by April, Goldman Sachs strategist says
▼ + stars: | 2022-11-01 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Oil benchmarks could pass $115 a barrel by the end of the first quarter of 2023, according to Goldman Sachs' Jeff Currie. Tightening supply will drive crude prices higher, the bank's head of commodities research said. These could all drive crude prices higher. Crude oil prices have risen in this year, thanks to the fallout from Russia's war on Ukraine. Strategists expect the move to drive up oil prices, as it could impact supply.

The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands. Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices. Before Russia's invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. Several experts have warned that Europe's high storage levels were to a large extent achieved with Russian gas.

☆ Oil prices fall as dollar climbs, but set for weekly gain on supply concerns
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 a barrel, paring about half the gains from the previous session. Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4%. Friday's declines came as the dollar index inched up to 110.57, making oil more expensive for buyers holding other currencies. "From an oil market perspective — despite the high interest rates — that's a direct driver into your demand outlook," said Baden Moore, head of commodities research at National Australia Bank.

Gas installation is pictured at the Cavern Underground Gas Storage (CUGS) Kosakowo facility, near Debogorze, Poland April, 30. "If we have a drop in temperature, we could expect an uptick in energy demand for heating," Buontempo said. But some analysts warn this alone will not compensate for the loss of Europe's main gas supplier - and a cold winter would make this worse. A cold winter in Europe could add 8 bcm to Europe's gas demand, said Energy Aspects analyst Leon Izbicki. If cold weather depletes gas storage levels this winter, Europe will need to replenish for next winter - with far less Russian gas.

Oil futures have risen over 7% since to five-week highs, as the move was seen as putting a floor under the market. However, the U.S. oil options market skewed toward buying of put options, used to either bet on or protect against downside movement. Trading volumes for U.S. crude futures puts and calls for November delivery gained over 40% to Wednesday, the day of the OPEC+ meeting, from Tuesday, data from CME Group showed. On Thursday and Friday, volumes in puts totaled 15,579 and 25,771, respectively, while volumes in calls totaled 16,087 and 42,291, CME Group data showed. In the futures market, crude spreads widened on Friday, with near-term contracts rising at a faster rate than later-dated contracts.

☆ Goldman cuts 2023 oil price forecast due to weakening demand outlook
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman's commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023. The short-term path for oil prices is likely to remain volatile, Goldman said, adding that a sharply appreciating dollar and lower demand expectations will continue to put downward pressure on oil for the rest of this year. It would take an economic hard landing and a contraction in global GDP growth to justify sustained lower prices, the note said. Goldman does not expect OPEC to increase its production quotas this year and sees the oil exporting group stabilizing output near current levels through 2023.

☆ Oil supplies will get tighter moving into the winter, says Goldman Sachs' Jeff Currie
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil supplies will get tighter moving into the winter, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins CNBC's 'Squawk Box' to break down his outlook for oil prices amid a potential price cap on Russian oil and a European energy crisis.

☆ Watch CNBC's full interview with Goldman Sachs' Jeff Currie on oil prices
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Goldman Sachs' Jeff Currie on oil pricesJeff Currie, Goldman Sachs global head of commodities research, joins CNBC's 'Squawk Box' to break down his outlook for oil prices amid a potential price cap on Russian oil and a European energy crisis. "I've been doing this 30 years, and I've never seen a forecasted energy crisis ever materialize," Currie tells CNBC regarding a potential European energy crisis. "You've got inventories quite high at this point in time, and you've done a lot of demand destruction on the industrial side."

Genreal view of electricity pylons and power lines leading from the Uniper coal power plant in Hanau, Germany, early morning November 23, 2016. Alongside surging European gas prices, crude oil jumped more than 2% on Wednesday after Putin announced the partial military mobilisation, escalating the war in Ukraine and raising concerns of even tighter global energy supplies. read moreAfter buying Fortum's stake, the German state will hold about 99% of Uniper, the economy ministry said. Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany were halted on Wednesday, while Russian supply via Ukraine held stable. read moreMoscow has said it would cut all oil and gas flows to the West if such cap was implemented.

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