Goldman’s commodity guru says it may be ‘pretty easy’ for oil to reach $90 a barrel this summer

CNBC2021-07-07

The price of oil can easily move higher in the near term without a deal between between OPEC and its oil-producing allies,Goldman Sachs’ commodities chief Jeffrey Currie told CNBC on Tuesday. Talks ...

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Comments

syleo
2021-07-07
syleo
?
- starbu:
  ?
HLTan
2021-07-07
HLTan
Kaj
- HLTan:
  jajka
kkpSG
2021-07-07
kkpSG
[開心]
luluu
2021-07-07
luluu
Crude oil and fossil fuel definitely here to stay, but OPEC is losing its relevance
hoyeah
2021-07-07
hoyeah
Pls like
- Lgdnic:
  Bullish bro
ASMH
2021-07-07
ASMH
Ok

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That can have the effect of pushing up prices.\n“The tightest market is between now and Labor Day, so you have the big surge in vacation and travel demand against really no supply,” Currie said. “We estimate in the month of June, this market was in a 2.3 million barrel per day deficit,” he added.\nCurrie also addressed the impact rising oil prices for energy companies and their approach to capital spending to drill more. He said right now, it’s too early to tell whether expanding presence of the environmental, social and corporate governance, or ESG, movement is causing firms to be more cautious.\n“I like to say, ‘Show me a really good commodity company with great returns that’s not getting capital.’ They’re coming out of a really bad time period right now. Part of the reason there’s no capital going into the sector is that the returns have been miserable,” Currie said. “Just recently we’ve seen this pop in oil price. Investors don’t want to see a one or two month pop in oil prices. They want to see years of good returns.”\n“A lot of these investors are going, ‘Hey, we want our money back before you start to really drill,’ and as a result, the focuses of these C-suites is going to be on return on equity, not growth in large capex budgets,” he 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oil and fossil fuel definitely here to stay, but OPEC is losing its relevance","listText":"Crude oil and fossil fuel definitely here to stay, but OPEC is losing its relevance","text":"Crude oil and fossil fuel definitely here to stay, but OPEC is losing its relevance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140912483","repostId":1102762968,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":140079253,"gmtCreate":1625621356272,"gmtModify":1703745050885,"author":{"id":"3556190733280473","authorId":"3556190733280473","authorIdStr":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3556190733280473"},"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140079253","repostId":1102762968,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5144730,"gmtCreate":1625623162319,"gmtModify":1663230629646,"authorId":3584100767586786,"author":{"id":3584100767586786,"authorId":3584100767586786,"name":"Lgdnic","avatar":"https://static.tigerbbs.com/493d41d71270a52770b856ed4e663073","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":140079253,"type":1,"supId":0,"prevId":0,"content":"Bullish bro","text":"Bullish bro","html":"Bullish 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