Post by
KnaveofDiamonds on Mar 14, 2024 10:54am
Goldman Sachs WTI Forecast
Crude futures extend their gains on Thursday, hitting a four-month high after the International Energy Agency lifted its oil-demand growth expectations but cut estimates for global supply this year, suggesting tighter market conditions. Brent crude is up 1.7% to $85.47 a barrel, while WTI is 2.1% higher at $81.40 a barrel--both reaching their highest point since November. "The IEA assumes a full extension of OPEC+ cuts through 2H 2024, which shifts its 2024 balance from a surplus to a modest deficit," Goldman Sachs analysts say in a note. "We still expect a gradual and partial phase out of the latest package starting in 3Q 2024, but an additional six months extension would boost 4Q 2024 Brent to $90/bbl."