A very pertinant article in the AFR yesterday about Goldman Sachs view that the magnitude of the coming change in the volume of demand for commodities– “a change which supply cannot match” – must not be understated.
Goldmann Sachs sees the price of oil surging to $US80 a barrel within months. The article also goes on to quote;
In terms of oil, Goldman is forecasting “a significant rebound in global oil demand in coming months, key to our forecast for higher oil prices”,
Goldman said its optimism reflects inflections in new daily COVID-19 cases in Brazil, Chile and Europe as well as clear evidence of higher mobility in countries of advanced vaccination, in particular, the US, Israel and the UK.
“As a result, we expect global oil demand to increase sharply by June, from 94.5 million barrels a day currently to 99 mb/d in the third quarter of 2021, as the pace of vaccination accelerates in Europe, finally unleashing pent-up travel demand.
“In particular, we expect the easing of international travel restrictions in May to lead global jet demand to recover by 1.5 mb/d.”
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Demand poised to drive oil prices sharply higher
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