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☆ Oil will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff Currie
▼ + stars: | 2023-06-01 | 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 will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins 'The Exchange' to discuss the bull case for energy markets, consequences of inventory liquidation, and factors driving weak performance in oil.

Persons: Goldman Sachs, Jeff Currie Jeff Currie Organizations: Email

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

☆ Oil's sharp slide has surprised markets. But some traders now see a bottom for prices
▼ + stars: | 2023-05-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. The recent slide in oil prices is starting to bottom out, according to analysts who predict that a more significant pickup in the coming quarters is in the cards. Oil prices saw their third consecutive weekly decline last week, marking the longest losing run this year. The production declines prompted some analysts to warn prices could surge to triple digits, which failed to materialize. "We're looking more positively at the second and third quarter than what's happened in the first quarter," Morse said.

☆ Oil edges higher as tighter supply looms, growth concerns weigh
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn't resumed. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil steadies as tighter supply balances growth concerns
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78. "I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

Companies Baker Hughes Co FollowApril 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply vs. growth outlook
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply versus growth outlook
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ The prospect for oil prices will be on the downside rather than the up, says Citi's Ed Morse
▼ + stars: | 2023-04-04 | 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 EmailThe prospect for oil prices will be on the downside rather than the up, says Citi's Ed MorseEd Morse, Citi global head of commodities research and managing director, joins 'Power Lunch' to discuss services leading China's recovery, declining U.S. demand for oil, and the global natural gas export market.

☆ OPEC's pricing power is higher than it has ever been, says Goldman Sach's Jeff Currie
▼ + stars: | 2023-04-03 | 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 EmailOPEC's pricing power is higher than it has ever been, says Goldman Sach's Jeff CurrieJeffrey Currie, Goldman Sachs global head of commodities research, joins 'Squawk Box' to discuss whether OPEC's production cut is related to the recent bank failures, how much the production cut will filter through the commodities complex, and more.

☆ Here's how high Goldman sees oil going after OPEC's surprise production cut
▼ + stars: | 2023-04-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Brent crude could reach $95 a barrel after OPEC's surprise production cut, according to Goldman Sachs. Oil prices surged in response. @LCO.1 1D mountain Brent crude futures (June '23) Goldman also raised its forecast for December 2024 to $100 per barrel from $97 per barrel. "OPEC's pricing power is higher than it has ever been," Jeffrey Currie, Goldman Sachs' global head of commodities research, said Monday in a CNBC " Squawk Box " interview. Goldman lowered its OPEC+ production end-2023 forecast by 1.1 million barrels per day.

☆ Leon Cooperman is bullish on oil and has 20% of his portfolio in energy stocks
▼ + stars: | 2023-04-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Leon Cooperman said Monday oil prices are headed higher on the back of a demand comeback, boosting his energy stock picks. He said he has 20% of his portfolio in energy stocks. The widely followed investor said his two favorite stocks in the sector are Canadian oil and gas producers Paramount Resources and Tourmaline Oil . "It's growing production at 15%," Cooperman said on Tourmaline Oil. Paramount Resources shares are up more than 3% this year, while Tourmaline Oil saw its stock fall more than 17%.

☆ There's more oil than people think, and demand is significantly weaker: Citi's Ed Morse
▼ + stars: | 2023-03-23 | 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 EmailThere's more oil than people think, and demand is significantly weaker: Citi's Ed MorseEd Morse, Citi global head of commodities research and managing director, joins 'Squawk Box' to discuss if Morse ties the move in oil to the Federal Reserve, why a bump in global oil demand hasn't driven prices higher, and more.

☆ Watch CNBC's full interview with Goldman Sachs' Jeff Currie on energy outlook
▼ + stars: | 2023-03-22 | 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 energy outlookJeffrey Currie, Goldman Sachs global head of commodities research, joins CNBC's 'Squawk on the Street' to discuss his outlook on energy markets.

☆ Financial contagion hitting oil markets, not physical contagion, says Goldman's Jeff Currie
▼ + stars: | 2023-03-22 | 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 EmailFinancial contagion hitting oil markets, not physical contagion, says Goldman's Jeff CurrieJeffrey Currie, Goldman Sachs global head of commodities research, joins CNBC's 'Squawk on the Street' to discuss his outlook on energy markets.

☆ This is one metal investors can consider buying on dip 'at any chance' they get, according to an analyst
▼ + stars: | 2023-03-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

The benchmark 62%-grade iron ore last traded at $126.80 per ton. Vincent Mundy | Bloomberg | Getty ImagesFalling prices for global crude steel output could also contribute to lower iron ore prices. "Global crude steel output fell modestly in year-on-year terms last month ... The result was driven by a fall in steel output amongst most of the world's largest steel producers." World crude steel output recorded a 3.3% drop in January compared to the same period last year, according to the World Steel Association.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

☆ Oil rises for 4th day as supply disruptions, China demand supports
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

Freight wagons carrying oil and fuel at a petroleum products terminal in Riga, Latvia, on Feb. 2, 2023. Oil edged up in early trade on Thursday, extending gains for a fourth consecutive day, as crude loading disruptions in Turkey and optimism over China's recovering demand continued to buoy sentiment. Brent crude futures rose 14 cents, or 0.2% to $85.26 a barrel by 0239 GMT, while U.S. West Texas Intermediate (WTI) crude futures firmed 11 cents, or 0.2% higher, to $78.58 a barrel. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan. However, increasing crude inventories in the United States put pressure on oil gains.

☆ Goldman Sachs' Jeffrey Currie's bullish outlook for commodities in 2023
▼ + stars: | 2023-01-03 | 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 EmailGoldman Sachs' Jeffrey Currie's bullish outlook for commodities in 2023Jeffrey Currie, Goldman Sachs global head of commodities research, joins 'The Exchange' to discuss his bullish call on energy and oil commodities.

☆ Oil expected to stay volatile in 2023, but the price could depend on China reopening
▼ + stars: | 2022-12-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +10 min

Keeping a lid on prices Oil futures fell Wednesday amid signs that China is moving ahead to normalize its economy, with the removal of border and travel restrictions. Russia's invasion of Ukraine was the biggest shock to the oil market in the past year, sending prices spiking in the first quarter. Under some scenarios, a strong reopening in China could drive oil close to about $120 if supply is short. The latest efforts to penalize Russia were Europe's ban on seaborne oil, as of Dec. 5, as well as a G-7 price cap on the price Russia can receive for its oil. Morse said more oil supply is coming on line from the U.S. and other Western Hemisphere producers in 2023.

☆ Oil supply will outpace demand going into 2023, says Citi's Ed Morse
▼ + stars: | 2022-12-23 | 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 supply will outpace demand going into 2023, says Citi's Ed MorseEd Morse, Citi global head of commodities research and managing director, joins 'Squawk on the Street' to discuss Morse's 2023 forecast for oil, what happens to the price of oil if the war in Ukraine ends and more.

☆ Brent crude prices will be higher in Q3 next year, targeting $110 per barrel, says BofA's Blanch
▼ + stars: | 2022-12-22 | 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 EmailBrent crude prices will be higher in Q3 next year, targeting $110 per barrel, says BofA's BlanchFrancisco Blanch, BofA Securities head of global commodities research, joins 'Power Lunch' to discuss what he sees ahead for the oil market, why he doesn't believe oil prices will stay at current levels and more.

☆ We expect Chinese oil demand to grow next year, says Citi's Ed Morse
▼ + stars: | 2022-12-15 | 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 EmailWe expect Chinese oil demand to grow next year, says Citi's Ed MorseEd Morse, Citi global head of commodities research, joins 'Power Lunch' to discuss what happened with today's oil markets, if he's bearish on WTI crude and more.

☆ Goldman Sachs' Currie says oil stocks are trading 'far below' their long-term trend
▼ + stars: | 2022-11-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of energy companies could surprise markets and continue to rise, according to Goldman Sachs' head of commodities research, despite a recent fall in crude prices. Jeff Currie told CNBC that historically, stocks in the sector have traded at a higher premium to crude oil prices compared to current price levels . "There is a catch-up game going on between oil prices and ... equities," Currie said Tuesday. Spot oil prices and energy stocks tend to move in tandem. OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices .

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