When it hits $70, people will

2021-07-07

When it hits $70, people will shout for $80, when is $80, people will shout for $90

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

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MoneyCub
2021-07-07
MoneyCub
And when it dIdnt hit, and drop, all excuses come in.
HH浩
2021-07-07
HH浩
Well said.

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman’s commodity guru says it may be ‘pretty easy’ for oil to reach $90 a barrel this summer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 07:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/06/oil-may-reach-90-a-barrel-this-summer-says-goldmans-jeffrey-currie.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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.\nTalks ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/06/oil-may-reach-90-a-barrel-this-summer-says-goldmans-jeffrey-currie.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.cnbc.com/2021/07/06/oil-may-reach-90-a-barrel-this-summer-says-goldmans-jeffrey-currie.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1102762968","content_text":"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.\nTalks between the energy alliance have beenpostponed indefinitelyafter a plan for production for August and beyond was unable to be reached over a series of meetings in recent days.\nThe lack of an agreement, as it relates to the price of oil, is “bullish any way you slice it,” Currie said in an interview Currie on“The Exchange.”\n“Our base case is $80 a barrel in third quarter and the longer this takes [with OPEC], the more risk you get to the upside,” said Currie, who serves as the investment bank’s global head of commodities research. “We could see prices spiking into the $85-$90 a barrel range during these summer months pretty easy.”\nInternational benchmarkBrent crude was downmore than 3% Tuesdayto around $74.56 per barrel, whileWest Texas Intermediate crude futures, the U.S. benchmark, traded lower by roughly 2.3% to $73.40.\nBoth Brent and WTI had been higher earlier Tuesday, with the latter reaching its highest price since November 2014 when it hit $76.98.\nIf Brent were to reach the upper end of Currie’s range, that would represent around 20% upside from where it traded intraday Tuesday.\nCurrie noted that absence of a deal between OPEC and its OPEC+ allies on production increases arrives at a seasonally strong time for oil demand as people hit the road or skies for trips. 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. 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