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: 一本高清在线视频| 免费永久国产在线视频| 久久精品国产只有精品66| 亚洲国产91在线| 校园春色另类小说| 国产欧美日韩另类va在线| 亚洲av无码一区二区三区dv | 91香蕉视频黄| 最新无码a∨在线观看| 国产拳头交一区二区| 久久综合久久网| 菠萝蜜视频在线观看| 扒开女人内裤边吃奶边摸| 又大又粗又爽的三级小视频| 一区二区三区日韩精品| 男人的天堂视频网站清风阁| 夜夜高潮夜夜爽夜夜爱爱| 亚洲欧美日韩久久精品第一区| 337p啪啪人体大胆| 最近电影在线中文字幕| 国产四虎免费精品视频| 中文字幕在线欧美| 男生把女生桶爽| 国产高清在线a视频大全| 亚洲乱码国产乱码精品精| 麻豆国产剧果冻传媒视频| 无翼乌全彩我被闺蜜男口工全彩| 哪里可以看黄色播放免费| vvvv99日韩精品亚洲| 欧美综合色另类图片区| 国产欧美在线观看精品一区二区| 久久我们这里只有精品国产4| 色一情一乱一伦一区二区三区日本| 小泽玛利亚国产在线视频| 亚洲色偷偷综合亚洲av伊人| 久久精品久噜噜噜久久| 自拍欧美在线综合另类| 天堂va视频一区二区| 亚洲一区二区免费视频| 视频久re精品在线观看| 娇妻之欲海泛舟1一42|