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Goldman Sachs global head of commodities sticking with $115 price target for 2023 (video) | Forexlive

This is via Bloomberg, an interview with Jeffrey Currie, global head of commodities research at Goldman Sachs.

A couple of points made, more at the vid:

  • between now and next spring … path is highly uncertain
  • you have China covid cases surging so you’re getting forced lockdowns that were not planned which is impacting demand up to about 1.2 million barrels per day … coincidentally the same size as the OPEC cut so you know I think that’s important development there first time ever OPEC ever cut in anticipation of a demand loss
  • and then you have the G7 price cap which just they keep rolling the dial and it gets milder and milder every day