Oil could hit US$55 by 2021, says Goldman Sachs, but not before absolute carnage in the broken market.The Wall Street bank says the production shut ins could push oil prices above its target of US$55 by 2021.
“If pipelines get clogged up as refineries shut down, inventories cannot build, reducing the cushion and creating a very quick risk reversal towards oil shortages,” Goldman said in a note.“This will likely be a game changer for the industry,” the bank noted. While the Saudi-Russia price war is a factor, the losses in oil demand is a far more important price driver, says Rystad Energy, which expects to see further downwards revision to its 16 million bpd oil demand loss estimate for April.
Thanks ever so much to the PM for ensuring our Canadian oil remains landlocked. WTH do you think is going to happen if our biggest industry gets shut in now and virtually none is produced? We'll go from prosperous to poverty.
Another BS attempt at journalism
Canadian crude this morning. $6.11/barrel onpoli cdnpoli
We don’t need oil. Or coal. There is far better energy sources out there that have been kept away from the public for generations.
Hmmm. Sounds very much like a province in Canada. Gee...I wonder how this will turn out Well done Trudeau and the Left.
IE: thanks Trudeau for fucking Canada over