# Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook | Reuters

> Goldman Sachs kept its 2026 average forecasts at $83 for Brent and $78 for WTI, saying softer demand and easing disruptions balance risks. The bank assumes Hormuz flows normalize gradually by mid-May. A faster peace deal could push prices lower in the near term.

- Date: 2026-04-17 · published 2026-04-17T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8810-goldman-sees-softer-oil-demand-flags-two-sided-risks-to-2026-price-outlook
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast that assumes normalizing Hormuz flows implies lower energy prices ahead, which reduces diesel and fertilizer costs for feed production. Forecast balance suggests no sharp directional change in the outlook.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-04-20 | 5 | -16.1% | -3.2 | Goldman's view of softer demand and gradual Hormuz normalization reinforced the bearish sentiment and possible lower near-term prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-11-28 | [Swelling supply to keep oil prices under strain in 2026 \| Reuters](https://feedsoft.ai/events/22099-swelling-supply-to-keep-oil-prices-under-strain-in-2026-reuters.md) | +0.1% | -2.4% |
| BRENT | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -2.0% | +7.9% |
| BRENT | 2019-08-16 | [OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus](https://feedsoft.ai/events/57507-opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus.md) | +3.6% | +4.8% |
| BRENT | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +0.4% | +6.5% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| WTI | 2024-06-01 | [Oil price forecasts cut as supply risks trend lower, Reuters poll finds](https://feedsoft.ai/events/30415-oil-price-forecasts-cut-as-supply-risks-trend-lower-reuters-poll-finds.md) | -1.9% | +8.5% |
| WTI | 2019-08-16 | [OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus](https://feedsoft.ai/events/57507-opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus.md) | +1.5% | +1.1% |
| WTI | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +2.1% | +7.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/goldman-sees-softer-oil-demand-flags-two-sided-risks-2026-price-outlook-2026-04-17/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.