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WTI: Goldman Sachs, Citibank inflate oil price forecasts on Russia-Ukraine crisis
With the looming uncertainties over the Russia-Ukraine crisis, despite the latest agreement for negotiations, oil analysts revise up their forecasts on fears of supply crunch due to Western sanctions on Moscow.
That said, Goldman Sachs (GS) mentioned in its latest analysis, “We expect price of consumed commodities that Russia is key producer of to rally from here.”
“This includes oil, European gas, aluminum, palladium, nickel, wheat & corn,” adds GS. The bank also said, “For oil, this represents $110/bbl to $120/bbl short-term price upside should 2 to 4 mb/d of demand destruction be required to compensate for commensurate 1-month loss of Russian exports."
On the same line were the latest projections for oil from Citibank as it expects tighter global oil inventories in Q1 amid stronger demand and weaker supply.
In doing so, Citibank revises up their Q1 2022 oil price forecasts by $12 to $91 despite expecting further weakness for oil prices through the year to reach $60s by year-end.
“Expect a very well-supplied oil market to emerge by 2h’22, if not 2q’22. this should blunt prices even with ongoing geopolitical risks,” adds Citibank.
Read: WTI leaps 7% towards the $99 mark on Russia-SWIFT ban, nuclear threats
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