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Goldman Sachs cut its three-month WTI forecast to $47.50 a barrel from $55, arguing that OPEC needs deeper output cuts to rebalance the market. The bank said unexpected rebounds in exempt countries could offset expected third-quarter inventory declines.
Goldman warned OPEC's current approach has cut too little to reassure markets.
A lower crude price outlook reduces energy input costs and weakens the economics of ethanol and biodiesel, which can ease support for corn, soybean oil and related feed co-products. Continued OPEC uncertainty keeps energy-linked commodities volatile.
octaafrica.netJun 29, 2017After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
