Tom Kirkman

Goldman Sachs says Oil is Rainbows & Unicorns & Bulls, Oh Boy!

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Well heck, I may as well jump on the happy bull bandwagon title for a change.

Doesn't mean I agree with Goldman, but  a week or 2 ago I threw in the towel and admitted in one of my comments here that the general consensus seems to be oil is heading for $80 this year.

My own preference is $65, but you are prolly sick of me explaining my opinion of why $65 is more sustainable than $80.

Bulls gonna bull, and I don't want to stand in the way of a good stampede.  I concede that oil is likely headed toward $80 this year.  But maybe my hope for $70 oil next year will happen.

Goldman Sachs Affirms Bullish View On Oil Prices

"Goldman kept its forecast that Brent Crude will hit $82.50 a barrel this summer and will end 2018 at $75 per barrel."

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Meanwhile, we have these reports that Nigeria is sitting on an ocean of crude that it cannot sell, something like 20 to 34 million barrels of fine stuff:

"Nigeria is sitting on between 20 and 34 million barrels of unsold crude, Nigerian media report, quoting a Platts survey of tenders for July loadings." 


"Apparently, some traders want to buy crude at even lower prices. As one trader told Platts, “Some refiners could be opportunistic about buying distressed cargoes.” Indeed, Nigeria’s two highest-quality grades, Akpo and Agbami, are currently selling for the lowest prices in seven months because of rising unsold stockpiles."

Looks like the Goldman guys don't believe the Platts  guys. Oh, well. Nothing like a lake of oil with no home to push the prices down.


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