Oil prices will surge to $100 this year, Goldman Sachs warns

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Energy, Oil Prices Will Surge To $100 This Year

1/18/2022 10:55:00 PM

Goldman Sachs is now calling for oil prices to hit $100 a barrel later this year and continue rising in 2023, signaling higher prices at the pump are on the way

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Looks like big oil still has us by the Sachs. I don’t care if oil goes to $500 a barrel. My car will still be cheap to run. Open up the pipelines.

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Goldman Sachs has a bunch of new buy-rated stocks — and says 5 have upside of more than 90%Goldman Sachs' analysts have given 49 stocks a 'buy' rating since January, and expect five of them to rally over 90% this year. What’s their up percentage and average return. Check our vids. LikeShareFollow Lemme guess, Pro content? Twitter should charge for posting stuff that are essentially ads for paid content.

Goldman Sachs Shares Decline After Fourth-Quarter Earnings Miss EstimatesAmid rising rates and slowing markets, how will CEO David Solomon navigate the next phase?

Goldman Sachs Sees Profit Slip 13%Trading revenue fell in the fourth quarter, though the bank continued to benefit from ebullient deal making. They only exist to torture children from the challenger explosion and keep them without clearly. So they didn’t make RECORD profits this quarter? Devastating.. Oh dear, how are they going to survive on only 6 figure bonuses?

Goldman Sachs profit drops below Wall Street expectationsWall Street firm's fourth-quarter results fall short as its asset management and global markets units weighed, while investment banking, asset management rose. The First Nft with Crypto Trading Culture and Symbols See our collection: Discord Chat live with a specialist metacake metacakecc nfts nft nftart nftartist nftcollector cryptoart digitalart nftcommunity trading

Oil Prices Are at a 7-Year High, But Exxon CEO Darren Woods Says the Ultimate Trend Is LowerOil prices are trading at their highest level in years, but the move could be short lived.

New York (CNN Business)Goldman Sachs is now calling for oil prices to hit $100 a barrel later this year and continue rising in 2023, signaling higher prices at the pump are on the way. In a Monday evening report to clients, the Wall Street bank backed up its bullish call by citing"robust fundamentals" in the oil market, a"surprisingly large" supply deficit and diminishing firepower from OPEC and its allies. Goldman Sachs (GS) also pointed to diminished appetite to invest in oil due to the energy transition.By summer, the bank expects oil inventories in advanced economies will sink to their lowest level since 2000. That's why Goldman now expects Brent crude, the world benchmark, will hit $100 a barrel in the third quarter of this year, up from the bank's prior call for $80. Goldman sees Brent hitting $105 a barrel next year, up from a previous forecast of $85.Gas prices are in the danger zone. Biden can't do much about itBrent climbed another 0.7% on Tuesday to $87.23 a barrel. That's up 27% from the December 1 low of $68.87 a barrel as Omicron fears initially sent energy prices plunging. Read More"Importantly, we are not forecasting Brent trading above $100/bbl on an argument of running out of oil as the shale resources is still large and elastic," Goldman Sachs strategists wrote.However, Goldman Sachs said shale oil will"likely require ever rising oil prices given the reluctance to invest in oil during the energy transition" and the gradual depletion of shale capacity over time. The call from Goldman Sachs stands in stark contrast with the US Energy Information Administration, which recently said Brent will average $75 a barrel this year and $68 in 2023. Citigroup recently predicted a"radical drop" in energy prices that drives Brent to $54 a barrel by the end of 2023.In his annual letter to shareholders on Tuesday, BlackRock CEO Larry Fink urged governments and companies to ensure access to"reliable and affordable" energy. "This is the only way we will create a green economy that is fair and just and avoid societal discord," he wrote. Fink added that any plan that only focuses on limiting supply and doesn't address demand for fossil fuels"will drive up energy prices for those who can least afford it, resulting in greater polarization around climate change and eroding progress.