Goldman Sachs: Demand Destruction Could Temper Oil's Tight Market
TL;DR
Goldman Sachs’ commodity team says rising oil prices are already eroding global demand, with May demand destruction estimated around 2 million barrels per day, potentially offsetting the physical tightness of supply. They also flag a possible $10 downside risk to Brent in Q4 as demand weakens, even as Middle East supply concerns remain a source of upside risk; Energy Aspects warns Chinese imports may fall to pandemic-era lows, and current prices hover in the $90s amid ongoing geopolitics and industry warnings of shortages.
- Goldman Sachs Sees Oil Demand Destruction Offsetting Supply Shock Risks Crude Oil Prices Today | OilPrice.com
- Goldman Sees Two-Sided Risk to Oil as Lower Use Offsets Iran War Bloomberg.com
- Goldman keeps Brent forecast at $90/b, but flags demand risks Quantum Commodity Intelligence
- The Biggest Story in Oil Isn't Just Supply Anymore Business Insider
- Goldman Sachs flags demand weakness as key risk to oil price outlook marketscreener.com
Want the full story? Read the original reporting
Read on Crude Oil Prices Today | OilPrice.com