BTEGF - Goldman Points To Normalized Global Oil Inventories And Higher Oil Prices Into Year-End

September, 15 2021 03:08 PM Baytex Energy Corp

Goldman's commodity report this week notes global oil inventory build since the end of 2019 has been eliminated.
In addition, despite COVID case counts being elevated in Asia, its global oil demand tracker did not fall.
Goldman reiterated its target for $80/bbl Brent by Q4 with upside risk ahead.
With US oil demand recovering near 2019 levels and more recovery expected (jet fuel still well below 2019), the argument for OECD oil demand to surprise to the upside in 2022 increases. OPEC also revised higher OECD demand this week.
On the energy stock front, this week's move is signaling a technical breakout and many of the names could see a retest of their previous high from earlier this year.

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