Mid-Week Review – September 29, 2021
Here comes $90 oil
The V-shaped recovery in the oil patch continues to take even the biggest bulls on Wall Street by surprise. Goldman Sachs ramped up its already optimistic forecast on Sunday, calling for Brent crude to hit $90 a barrel by the end of the year. That’s up from its previous call for $80. The Wall Street bank expects US crude to hit $87 a barrel, up from $77 previously. “While we have long held a bullish oil view,” Goldman Sachs strategists wrote in a note to clients, “the current global oil supply-demand deficit is larger than we expected.” Click Here to read more from CNN.
Energy crunch: How high will oil prices climb?
Oil continued to climb on Monday with global benchmark Brent nearing $80 a barrel, its highest price since October 2018, as tight supply fuels a crude rally and demand in some parts of the world recovers faster than even the most bullish analysts could have predicted. Brent crude was up 1.73 percent to $79.44 a barrel by 4:06pm ET (20:06 GMT), having posted three straight weeks of gains. Click Here to read more from Al Jazeera.
OPEC long-term outlook with crude oil at 3-year highs: rosy
While acknowledging the inevitable advance of alternative energy sources and technology, OPEC said that oil would be the leading energy source for decades to come as crude prices reached three-year highs Tuesday. In its annual World Oil Outlook, OPEC acknowledged that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries. Click Here to read more from Komo News.
World to reach peak oil demand before 2030 – TotalEnergies
Global oil demand is expected to peak before 2030, earlier than previously projected, TotalEnergies (TTEF.PA) forecast on Monday. The French oil major – which had previously forecast the peak happening around 2030, rather than before – said its business was now working on the assumption that global consumption would start declining before the end of the decade. Click Here to read more from Reuters.
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