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发表于 2015-9-11 09:37
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By Barani Krishnan
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NEW YORK (Reuters) - Crude futures fell on Friday after Wall Street's most influential voice in oil trading, Goldman Sachs, slashed its price outlook through next year, citing oversupply and concerns about China's economy.
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+ u2 @+ a! [" l6 G1 }4 e4 Q" Z* O( B1 GJoining Germany's Commerzbank and a long list of other banks in cutting price projections, Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62.
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+ q0 A# O# k' D6 }"The oil market is even more oversupplied than we had expected and we forecast this surplus to persist in 2016," Goldman said in a note entitled "Lower for even longer".* q) f2 t6 B5 g) x3 @, H6 w8 Q
9 s) y, n( E# w$ N; eCiting "operational stress" as a growing downside risk to its forecast, Goldman said crude could fall further to near $20 a barrel. "While not our base case, the potential for oil prices to fall to such levels ... is becoming greater as
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storage continues to fill."
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- [% z$ Q8 {! ~' JU.S. crude futures' front-month contract <CLc1> was down $1, or 2.2 percent, at $44.92 a barrel by 11:54 a.m. EDT.2 W0 `5 O. p8 _; b+ Y6 ~7 ?
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The front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.
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# i. R& c9 l: ?Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.
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4 x5 x& h+ C* E' C% h5 ]/ _% ~/ W( wThe oil market is waiting next for a weekly reading of the U.S. oil rig count, due at 1:00 p.m. ET. The data will show for whether oil producers were cutting back on drilling as prices head lower again after a brief rebound in the second quarter.
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Crude prices have more than halved over the past year, with Brent tumbling from nearly $120 a barrel in the middle of 2014 to below $43 last month. Prices collapsed as a global glut of crude pushed commercial and government inventories to all-time highs.
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- y5 T$ w z4 _, V8 A+ P' c* WAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.6 }3 V) \, n; X5 ?' r* p
% z, i% m" n4 M! T; ZGermany's Commerzbank said Brent was likely to trade at $55 by the end of 2015, and around $65 by end-2016.
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/ F0 p2 x1 W" ?* o- @# s" PInvestors shrugged off a report from the Paris-based International Energy Agency, which advises the world's biggest economies on energy policy. The IEA said a move by the world's big oil exporters in OPEC, led by Saudi Arabia, to defend their market share by not reducing production, appeared to be working.1 V- h; A+ E6 r
, G" b+ T* P# ]' @7 c/ w. ?(Additional reporting by Lisa Barrington and Christopher Johnson in London and Meeyoung Cho in Seoul; Editing by Nick Zieminski and David Gregorio) |
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