Goldman cuts Q3 Brent forecast… Reuters

July 20, 2021 by Jim Colburn Leave a Comment

Due to the delta variant… Here is Reuters:

”Goldman Sachs on Tuesday reduced its forecast for Brent crude oil to $75 a barrel for the third quarter, $5 lower than its previous estimate, as a surge in Delta variant COVID-19 cases takes a toll on demand.…

“Our oil balances are slightly tighter in 2H21 than previously, with an assumed two-month 1 mb/d demand hit from Delta more than offset by OPEC+ slower production ramp-up,” Goldman said.

The bank now projects a third-quarter deficit of 1.5 million bpd versus 1.9 million bpd forecast previously.“

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