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Futures Movers: Goldman Sachs Raises Oil Forecast to $ 90 Citing "Strongest Bullish Hurricane In Historical past"

Goldman Sachs has raised its oil price target to $ 90, citing the continuing impact of Hurricane Ida on supply as demand spikes particularly in COVID-averse Asia.

Analysts around Damien Courvalin have raised their year-end forecast for Brent crude oil from $ 80 to $ 90.

Hurricane Ida was set to prove to be the most bullish hurricane in US history, canceling the surge in OPEC + production since July.

At the same time, global oil demand is approaching pre-COVID levels again. Traffic jams in China quickly recovered after a onset of summer. The delta-driven decline in global flights was less than the analysts initially feared.

Brent Crude Oil Futures
BRN00,
+ 1.23%
rose 1% to $ 78.12 a barrel, and the West Texas Intermediate contract
CL.1,
+ 1.22%
added 1% to $ 74.79.

Natural gas futures
NG00,
+ 3.21%
meanwhile increased by over 3%. "An increased likelihood of a second La NiƱa event this winter will push gas buyers to search the markets for supplies," said BCA Research analysts.

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