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发表于 2015-9-11 09:37
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/ E K8 m. e, X$ S) ^ a' ~2 ^By Barani Krishnan3 G" `. X" @/ I; e- N
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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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4 |0 I8 T* A$ H) A, e4 SJoining 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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"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".- A( O! q- p. Y0 M3 {
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Citing "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 as6 x9 y' @4 \+ L& d4 N
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storage continues to fill."
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U.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.7 u6 ~% L- [' A) `
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The front-month in Brent <LCOc1>, the global benchmark for oil, was off 70 cents, or 1.3 percent, at $48.19.- ?8 _6 m5 F3 G4 W7 I
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Both crude benchmarks had fallen about 3 percent, before paring loses with stocks on Wall Street. The U.S. stocks have provided direction to oil over the last two weeks as investors grappled with mixed fundamentals for crude.
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% n* j) B+ X* pThe oil market is waiting next for a weekly reading of the U.S. oil rig count, due at 1:00 p.m. ET. The data will show for whether oil producers were cutting back on drilling as prices head lower again after a brief rebound in the second quarter.. J$ _3 H+ L; b) n+ n) ?
& r8 X6 P1 I! v8 w! WCrude 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.# X4 Z2 v* F, z" Y: D9 {/ g
0 d U. x% ~! \7 g, r+ tAnalysts say the market is rebalancing, but high stocks will keep weighing on prices into next year.6 Q3 f2 s( Z; L! j5 r5 y
4 k/ v- N T8 ?1 WGermany'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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Investors 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.
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) X+ a6 i, k& l7 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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