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OILX - Goldman Sachs And Rystad Energy Predict A New Oil Glut
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
In my article, Oil Price Implications of Coronavirus: Long SCO, I estimated that "global stocks would build by 180 million barrels more than they were expected to build prior to the outbreak." In a note, Goldman Sachs, subsequently, came to the same conclusion that they now expect "a cumulative global stock build of 180 million barrels in 1H20, four times its pre-virus forecast."
The Goldman forecast is based in part on an estimated hit in China's oil demand of 4 million barrels per day. That is a larger reduction than their previous estimate