• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 hours The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
China's Oil Demand Threatened by LNG Trucks

China's Oil Demand Threatened by LNG Trucks

The boom in LNG trucking…

Could Deflecting the Sun Help Cool the Planet?

Could Deflecting the Sun Help Cool the Planet?

Scientists conducted a pilot test…

Goldman Sees $5 Gasoline, $130 Brent By Year End

The price of retail gasoline just dipped below $4 per gallon, AAA data showed on Thursday, but prices could rise to $5 per gallon by the end of the year, Goldman Sach’s Head of Energy Research Damien Courvalin told Bloomberg TV on Thursday.

“We think that’s the level at which we need to see sustained pricing to eventually solve the market deficit,” Courvalin told Bloomberg.

As for crude oil prices, Courvalin sees Brent climbing to $130 by the end of the year. “So we think Brent goes to $130 per barrel at the end of this year to reflect this need for sustained high prices.”

“We’re still in deficit. Despite growth slowing, prices still have work to do, and that’s higher from here.”

Goldman’s forecast assumes China’s demand for jet fuel and diesel only grows moderately from here until the end of 2023, pressured by its zero-Covid policy. 

That scenario could shift, Courvalin points out. “If we’re talking half a million barrels per day of Chinese demand going back to its prior highs, just on our pricing model, that’s $15 upside per barrel to Brent prices.”

In the shorter term, Courvalin sees gasoline and diesel prices going up as refiners head into turnaround season due to the lack of a typical inventory buffer that is currently not present in the market.

As of the latest EIA data, total motor gasoline inventories in the United States were 6% below the five-year average for this time of year, while distillate fuels were 24% below the five-year average.

ADVERTISEMENT

Brent crude was on the upswing on Thursday, trading $2.38 (2.44%) higher on the day at $99.78, pressing to reclaim its position above $100 per barrel—a position the international crude oil benchmark has held for most of the summer.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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