• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 11 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 13 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 16 hours Forecasts for Natural Gas
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
WTI Crude Oil Price Hits 7-Year High

WTI Crude Oil Price Hits 7-Year High

The benchmark U.S. oil price…

Refining Billionaire: $100 Oil Is Likely

Refining Billionaire: $100 Oil Is Likely

With oil prices rallying in…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Goldman Expects Oil To Reach $65 Next Year

Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel, according to Goldman Sachs analysts.

In a note, they also said they expected West Texas Intermediate to rally to $55.88 a barrel by the third quarter of next year, up from $51.38 a barrel in earlier forecasts, Business Insider reports.

"There is a growing likelihood that vaccines will become widely available starting next spring, helping support global growth and oil demand, especially jet," the Goldman analysts said.

"Key to the resilience of spot prices, despite stalling inventory draws this summer, has been the steady rally in long-dated prices," they added.

Earlier this year, the investment bank's head of commodities Jeffrey Currie said that the short-term prospects of oil remained weak, but in 2021, prices would start to improve more markedly. He noted in July that if prices increased quickly, they would interfere with the market rebalancing by bringing more shale production back online.

Separately, Goldman analysts said back in July that demand for oil would likely recover to pre-crisis levels by 2022, spurred by a return to work for millions, a shift towards more private transport, and government support in the form of infrastructure spending.

In their latest note, the investment bank's analysts said they expected oil demand to improve by 3.7 million bpd between January and August next year, while supply remains capped thanks to OPEC+' continuing production cuts and a modest increase in non-OPEC supply.

Oil started this week with a gain, rising to the highest in five months on the back of positive economic news from China, a weak greenback, and plans by the UAE's state oil company to reduce crude oil supplies by as much as 30 percent in October.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News