ICYMI – Goldman Sachs cut its 2023 oil price forecasts, citing a weakening demand outlook

A research note from Goldman Sachs on oil.

Sees Brent crude oil averaging $100 per barrel over the last three months of the year

For 2023 sees Brent averaging $108 per barrel

Said it anticipated oil prices would likely rise from the current levels citing:

On the lower forecast, citing:

strong dollar
weakening demand
remain powerful headwinds to prices into year-end.
Yet, the structural bullish supply set-up — due to the lack of investment, low spare capacity and inventories — has only grown stronger, inevitably requiring much higher prices

“While it may be surprising that oil is pricing such low growth expectations, this reflects the outsized exodus of investors, forced away by the extreme price volatility this spring,”

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This also from overnight:

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Oil update: