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Why Goldman Just Drastically Slashed Its Oil Price Prediction
Oilprice.com ^ | 01-07-2019 | Irina

Posted on 01/07/2019 7:36:43 AM PST by bananaman22

Goldman Sachs reduced its outlook for oil prices this year citing abundant supply, Bloomberg reports, quoting a note to clients.

The investment bank’s analysts now expect Brent crude to average US$62.50 a barrel this year, down from an earlier projection of US$70 a barrel. West Texas Intermediate, according to Goldman Sachs, will average US$55.50 a barrel, compared with an earlier estimate of US$64.50 a barrel.

The price outlook revision was motivated by expectations of another glut despite the OPEC+ production cuts aimed at removing 1.2 million bpd from the global market and continued growth in U.S. shale oil production, as well as higher output in Brazil and Canada.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: energy; goldmansachs; hydrocarbons; maga; oil; oilprices; opec; wallstreet

1 posted on 01/07/2019 7:36:43 AM PST by bananaman22
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To: bananaman22
Way to follow the price down.


2 posted on 01/07/2019 7:41:16 AM PST by DannyTN
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To: bananaman22

The price of oil is up today by 2.9%. Even after Goldman Sach’s prediction.


3 posted on 01/07/2019 7:43:36 AM PST by humbleexpert
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To: DannyTN

ROTFLOL.......now that’s funny.


4 posted on 01/07/2019 7:44:04 AM PST by Liz (Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: bananaman22

Don’t know about the price of a barrel of oil. A gallon of gasoline is $1.69 about 50 miles north of Atlanta. Drill baby, drill.


5 posted on 01/07/2019 8:29:30 AM PST by Stevenc131
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To: bananaman22

Because they privately expect it to increase.


6 posted on 01/07/2019 8:34:19 AM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Stevenc131
A gallon of gasoline is $1.69 about 50 miles north of Atlanta.

Wow. It's ~2.55/gal here in Massatuskey.

7 posted on 01/07/2019 8:48:46 AM PST by Bloody Sam Roberts (Perhaps we should be less concerned about who we might offend and more concerned with who we inspire)
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To: Stevenc131

That’s awesome! We got hit with a massive gas tax increase here in Washington State so now we pay a total of 70 cents a gallon extra. Costco gas is “only” $2.69 a gallon today.


8 posted on 01/07/2019 8:50:02 AM PST by Sparticus (Primary the Tuesday group!)
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To: Stevenc131
You know, we can't just drill our way to lower gas prices.

-Barrack Obama 2012

9 posted on 01/07/2019 10:06:35 AM PST by Obadiah
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