The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil rises to six-month high as Goldman sees demand above output

Pubdate:2016-05-17 09:56 Source:mcc Click:
NEW YORK (Bloomberg) -- Oil rose to a six-month high as Goldman Sachs Group Inc. said the market moved into a deficit earlier than expected following supply disruptions in Nigeria and an increase in demand.
 
Futures climbed 3.3% in New York. The shift to a supply deficit this month came one quarter earlier than forecast, Goldman Sachs said in a report. The bank raised its price forecasts, while projecting a return to surplus early next year. Militant attacks and pipeline outages have cut Nigerian volumes by at least 30%, its petroleum minister said last week.
 
"There are a lot of disruptions out there and as a result crude production is down," said Michael Wittner, the New York-based head of oil-market research at Societe Generale SA. "Nigeria is the big one right now. There are also disruptions in Libya, Venezuela and a number of other places."
 
After falling to a 12-year low in February, oil has rebounded on signs the global glut will ease amid production cuts. The supply surplus in the first half of this year is proving to be smaller than estimated, the International Energy Agency said last week, citing robust demand in India and other emerging nations. Morgan Stanley, Barclays Plc and Bank of America Corp. joined Goldman Sachs in noting that supply losses are leading markets to rebalance.
 
Goldman Sachs
 
West Texas Intermediate for June delivery rose $1.51 to settle at $47.72/bbl on the New York Mercantile Exchange. It’s the highest close since Nov. 3. Prices have climbed more than 80% from this year’s low.
 
Brent for July settlement rose $1.14, or 2.4%, to $48.97/bbl on the London-based ICE Futures Europe exchange. The contract also closed at the highest level since Nov. 3. The global benchmark crude ended the session at a 55 cent premium to July WTI.
 
Fuel prices have surged with the gain in crude. Gasoline for June delivery climbed 1.1% to $1.063 a gallon, the highest close since August. June diesel advanced 2.6% to $1.4401, the highest since November.
 
The gain in futures bolstered equities. Commodity companies accounted for four of the seven biggest gainers on the Standard & Poor’s 500 Index. The S&P 500 Oil & Gas Exploration and Production Index climbed as much as 3.6% before closing up 2.5%.
 
Market Balance
 
“The physical rebalancing of the oil market has finally started,” Goldman analysts Damien Courvalin and Jeffrey Currie wrote in the report dated May 15. “The market has likely shifted into deficit in May.”
 
Goldman increased its WTI price forecasts for the second quarter through the fourth, while raising its full-year 2016 projection to $44.60/bbl from $38.40. There’ll be a more gradual decline in inventories in the second half than previously estimated and a return to a production surplus in the first quarter of 2017, with low-cost output continuing to grow, the bank said.
 
The global oil market will return to balance in the third quarter, Daniel Yergin, vice chairman of industry consultants IHS Inc., said on Bloomberg Television. Crude will probably trade around $50 in the second half of 2016, he said.
 
The oil market “looks set on a course for rebalancing much faster than previously expected,” making the risk of a sharp price drop unlikely, Barclays analysts Miswin Mahesh and Kevin Norrish said in a report. Francisco Blanch, head of commodities research at Bank of America Merrill Lynch, reiterated his forecast for U.S. prices to reach $54 in the fourth quarter as supply retreats.
 
"There’s optimism about the direction of the market," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone. "Between Nigeria, Libya and Canada, we’ve lost a substantial amount of output."
主站蜘蛛池模板: 4455永久在线观免费看| 亲密爱人之无限诱惑| 久久99精品久久久久久综合| 麻豆乱码国产一区二区三区| 迷走都市1-3ps免费图片| 最新亚洲春色av无码专区| 国产毛多水多高潮高清| 亚洲av最新在线观看网址| 亚洲国产91在线| 日韩高清在线不卡| 国产大学生系列| 久久久久免费看黄a级试看| 豪妇荡乳1一5白玉兰免费下载| 日韩A无V码在线播放| 国产中文字幕一区| 中文字幕免费视频| 精品久久久无码人妻中文字幕豆芽| 妞干网手机免费视频| 人妖在线精品一区二区三区| 99re最新地址精品视频| 欧美激情一区二区三区中文字幕 | www.日本xxxx| 琴帝type=小说| 国产美女精品视频免费观看| 亚洲国产成人久久综合碰| 久久国产精品99精品国产987| 日韩一级视频免费观看| 国产99久久精品一区二区| 一级一级女人真片| 涂了媚药的玉势| 巨胸喷奶水www永久免费| 俺也去在线观看视频| 91精品国产免费久久国语麻豆| 欧美一级视频在线高清观看| 国产婷婷成人久久av免费高清| 中文精品字幕电影在线播放视频| 精品国产免费一区二区三区| 在线观看91精品国产不卡免费| 任你躁国产自任一区二区三区| 91av电影在线观看| 日韩在线一区二区三区视频|