Goldman: Oil To Hit $80 On Largest Ever Demand Jump | OilPrice.com

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Goldman: Oil To Hit $80 On Largest Ever Demand Jump
Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months, the investment bank said on Wednesday, keeping its bullish forecasts for oil prices this summer.
Higher demand for travel and acceleration of vaccinations in Europe are set to result in “the biggest jump in oil demand ever, a 5.2 million barrels per day (bpd) rise over the next six months,” Reuters quoted Goldman Sachs as saying in a note to clients.
Goldman Sachs continues to see oil rising to $80 per barrel this summer and says that “The magnitude of the coming change in the volume of demand -- a change which supply cannot match -- must not be understated,” as carried by FXStreet.
At the beginning of this month, Goldman also issued a bullish note, saying that it anticipated strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July.
In early April, the investment bank expected excess oil inventories to normalize by the fall of 2021.
At the end of April, Goldman Sachs continues to forecast a large demand rebound this year, despite the soaring COVID cases in India, which have somewhat clouded the demand outlook.
“Commodity markets have looked through the sharp rise in Covid-19 cases in India,” Goldman Sachs said today."

Oil to Hit $80 in Q3, Goldman's Currie Predicts
Apr.01 -- Jeff Currie, Goldman Sachs global head of commodities research, sees the potential for "substantial upside" to commodities prices amid the lack of global supplies. He speaks on "Bloomberg Markets: European Close."
https://www.youtube.com/watch?v=ivvlGv91EXI

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The Green new deal is not only not a good thing but a complete scam and picking our pockets of any green We had there and putting it in the pockets of these outright crooks ! With the massive oil reserves in both Canada and the United States that should be taken advantage of and at this point We don't even need the Mideast. The electric technology still need oil to produce the electricity they are marketing and a charge doesn't even last long enough to drive a car very far before it need a recharge. For home or industry, still not an effective way of producing the power without coal or oil. The current electric technology is sadly lacking and incapable of producing enough power to be effective, that when its working at all anyway which can't be depended on. It ok for them though, they will keep draining your money from You and make plenty but You get no return.

Interesting. IMO it's the future for urban commuters but frankly electric cars are a looooong way off from being the only vehicle drivers in the US need for going over the river and through the woods to grandmother's house. Bidens proposal could go a long way towards making this happen while providing employment for those manufacturing the equipment and building the charging stations, but vehicle manufactures have a long way to go on increasing range and decreasing charging time. Tesla put in a charging station in a shopping area near me and over the time it's been there I've seen a dramatic increase in the number of cars using it, but I've never seen it full. Investing strategies certainly vary, but I've always been one who wanted to invest in the future, while oil provides short-term profits on a global basis it's a dying industry. Not necessarily in my lifetime, but "green" energy will supplant oil and denying that is sticking your head in the sand.