BLACK GOLD HITS ANOTHER LOW BEFORE AFTER DEAD CAT BOUNCE?
Maybe it's not a joke what Goldman Sachs said this time about crude oil, ultra-bearish forecast for global oil prices to slump to $20 a barrel. Further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its recent meeting. Even though global oil stock will remain below storage capacity, Goldman said the rebalancing is "far from achieved" as U.S. rig count and exploration and production guidance are "too high" to achieve the required supply decline. OPEC is also likely to pump aggressively toward the high-end of Goldman's 32-million-barrel a day forecast as Iran resumes productions after U.S. sanctions are lifted over the next few months. Stockpiles just keep rising, production is not falling enough, Fed rates rise will hit demand and budget deal is bad news for brent. This is for my trade journal only feel free to comment.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.