Goldman Sachs says it remains bullish on oil prices in 2021

[Tom Kirkman + 8,860]

Long time members may recall my ad nauseum comments over a year ago that my "Goldilocks" oil prices for globally sustainable oil production are around $70 Brent and $50 WTI.  That's still my opinion.

https://community.oilprice.com/search/?&q=goldilocks&author=Tom Kirkman&search_and_or=or

Eventually, after this China Flu collective lemming madness ends, and oil demand recovers to whatever the media mantra "new normal" will be, oil prices will recover to some extent. 

I'm actually surprised that Goldman agrees with my long time assessment that $50-ish WTI is a suitable and sustainable price.

 

Goldman Sachs says it remains bullish on oil prices in 2021

The bank hiked its estimate for U.S. West Texas Intermediate crude to $51.38

Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note.

The Wall Street bank raised its 2021 forecast for global benchmark Brent crude prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate for U.S. West Texas Intermediate (WTI) crude to $51.38 a barrel from $48.50 previously.

"Oil production has started to decline quickly from a combination of scaleback in activity, shut-ins and core-OPEC/Russia production cuts. Demand is also beginning to recover from a low base, led by a restarting Chinese economy and inflecting transportation demand in developed market economies," it said.

Oil prices fell on Monday, having posted their first weekly gain in four on Friday as the Organization of the Petroleum Exporting Countries, Russia and other producers, known as OPEC+, began their record output cuts.

Brent was last trading around $25.97 at barrel, while WTI was at $18.31.

 

[Dan Warnick + 6,100]

Can somebody please provide a % scorecard of how many times GS have been right with their market, any market, predictions vs how many times they have been wrong.  For me, as a rule of thumb:  Goldman Sachs says up; bet down.  I am NOT saying GS are stupid; I am saying they manipulate the masses to bet against reality and thereby assure GS of making money against those same masses.  Admittedly this is just my gut feeling, but it seems like it has happened so many times as to be some sort of a trend.  I am not looking for a graph that shows how profitable GS is or has been; I am talking strictly about their public predictions (future) vs what the market or markets actually ended up doing.