Oil at $75 a Barrel by Summer?
Goldman Sachs raised its estimates for oil prices on Monday, projecting that Brent crude can rise to $75 a barrel in the third quarter on increasing demand and a slow rebound in supply. That price — which is well above the projections of most other analysts — would be enormously bullish for oil stocks. Click Here to read more from Barrons.
Crude soars as key banks and traders project further oil price gains
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC+ and shale. Crude oil stored at sea fell to an 11-month low last week, according to Vortexa, another sign of dwindling supplies. Click Here to read more from World Oil.
JPM Weekly Market Recap
Energy and industrials are projected to end the quarter with significant EPS contractions, which come as no surprise given the drop in oil prices and pullback in air travel and transportation. However, this story is evolving. Financials, which came under severe pressure in 2020, have showed signs of recovery as declining NIMs level out and credit metrics improve. Click Here to read JP Morgan’s Weekly Market Recap.
Argus: Oil Demand Will Not Plunge Because Of The Energy Transition
The energy transition and the growing share of electrification of transportation will not lead to a fast decline in global oil demand—any drop in consumption will be very gradual, Argus analysts said at the Argus Crude forum during the IPWeek conference on Tuesday. The trend of world oil demand will be a “tug of war” between increased efforts at green recovery and electrification in Europe, the United States, and China to some extent, versus growing oil demand amid strong economic growth in emerging economies, according to Euan Craik, global head of oil at Argus. Click Here to read more from oilprice.com.