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
rose 1% to $ 78.12 a barrel, and the West Texas Intermediate contract
added 1% to $ 74.79.
Natural gas futures
meanwhile increased by over 3%. "An increased likelihood of a second La Niña event this winter will push gas buyers to search the markets for supplies," said BCA Research analysts.