Posted on 08/11/2022 6:23:21 PM PDT by Hojczyk
Gasoline and oil prices should bounce back through the end of the year as the market still needs to balance rising demand and tight supplies, according to Goldman Sachs Group Inc..
Brent oil futures could go as high as $130 per barrel, with retail gasoline prices in the US surging back to about $5 per gallon, said Damien Courvalin, Goldman’s head of energy research in a Bloomberg Television interview. These are the levels “at which we need to see sustained prices to eventually solve the market deficit,” Courvalin said. Read more: Oil consumption to accelerate as gas crisis spurs switch, IEA says Demand for crude is poised to rise as power generators and industrial producers switch from pricier natural gas.
The combination of relatively lower prices and the continued reopening of economies should also help boost consumption. The supply outlook is aggravated by the lack of an inventory buffer for gasoline and diesel at a time when refiners are heading into their maintenance season. Goldman earlier this week cut its Brent forecast. Futures were up more than 2% to just below $100 a barrel as of 12:07 p.m. in New York.
(Excerpt) Read more at finance.yahoo.com ...
They better hope there are no hurricanes in the Gulf……plus they have to start getting more heating oil..
The future tends to be a mystery.
Bumpkins don't understand that folks a whole bunch smarter than them are trying to improve their lives for them, and they are ungrateful and won't listen.
It hasn’t dipped below $5.90 here in well over a year. It was $2.00 when Trump was President. Yahoo is a Marxist propaganda pile.
I filled up with the cheapest stuff at $5.50 a gallon last night here. Woo hoo! It dropped about .49 cents!
Didn’t they also predict $6 gas by August?
I don’t think the Democrats have even tried to champion the underclass in decades. They are a freak show, now, and champion freaks at the expense of their life-long supporters.
Not that there’s anything WRONG with that.
Climbing back to $5/gallon? Where I live, they are still $5.40-$5.80 a gallon.
The Perpetual Inflation Act kicks in after the mid-terms so, yeah, $5 per gal. by the end of the year sounds reasonable.
“Demand for crude is poised to rise as power generators and industrial producers switch from pricier natural gas”.
This would be the same NG that is routinely “Flared” (Burned at the source.) rather than being captured for distribution.
The same NG that Europe is begging for.
NO! NO! After the election!!!!
Duh,
Its not rocket science.
Its a supply & demand issue.
In this case a lack of investment in the energy sector, specifically a lack of refinery capabilities and capacity.
Running around hoping the “magic green god” can solve the problem, is the height of delusion.
If it happens it better happen before November 8!
$4.29 pretty much standard in southern Pennsylania.
$3.99 just south of the Mason-Dixon and even lower father down.
“If it happens it better happen before November 8!”
It should, but many factors can come into play.
The worst scenario, is it happens a month or two too late and the pro abortion fanatics “win the day.”
Personally, I don’t think it will matter much, the next two election cycles are going to be bad for the democrats.
No, no no.
It has to go up BEFORE the election.
We cannot have the debauched, devolved, stupid American voters say “Gas is cheap. That guy Biden came through after all.”
After the elections, I imagine Biden and his gang might even up the price to $6-$7 a gallon, to make up for lost time.
Brent is just shy of $100. Remember the media quotes the oil futures with the nearest expiration and Brent is a month in the future compared to WTI. While they are different types of oil, generally Brent is a pretty good indicator of the direction WTI will trend. Obviously, that can change in a heartbeat. Someone already mentioned hurricanes. September is the peak of hurricane season. A week to ten days shutdown in the Gulf will send prices through the roof.
If was $5.259 and one of our lowest price stations here in
town. (Glendale, Ca)
It had been as high as $6.099.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.