Goldman Sachs expects a commodities supercycle driven by China and the capital flight from energy markets and investment this month after concerns triggered by the banking sector, the U.S. bank's head of commodities said. "As losses mounted, it spilled into commodities," Jeff Currie, global head of commodities for Goldman Sachs, told the Financial Times Commodities Global Summit on Tuesday.
Goldman
Sachs (GS) expects a commodities supercycle driven by China and the capital flight from energy markets in this month's banking crisis, the U.S. bank's head of commodities said. "As losses mounted, it spilled into commodities," Jeff Currie, global head of commodities for Goldman
Sachs (GS), told the Financial Times Commodities Global Summit.
- Goldman Sachs (GS) lowered its crude price forecast for this year and 2024, citing a recent slump in oil prices due to banking stress, recession fears, and an exodus of investor flows. "The first leg down in oil prices followed Powell's hint at a potential return to 50 points hikes on March 7th, which revived recession worries," the bank said in a note.
U.S. crude exports to Europe have hit a record 2.1 million barrels per day on average so far this month, spurred by wide discounts to the global benchmark and weaker oil demand by U.S. refineries. Record exports to Europe and China this month reflect the rise of United States in crude oil trade and solidifies its role supplying Europe following Russia's invasion of Ukraine.
U.S. crude exports to Europe have hit a record 2.1 million barrels per day on average so far this month, spurred by wide discounts to the global benchmark and weaker oil demand by U.S. refineries. Record exports to Europe and China this month reflect the rise of United States in crude oil trade and solidifies its role supplying Europe following Russia's invasion of Ukraine.
U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters.
U.S. natural gas futures held near a three-week low on Wednesday on forecasts for less
cold weather and lower demand this week than previously expected and with an increase in gas output so far ...
* Brent, WTI hit lowest in 15 months. * Uncertainty reigns as Fed considers interest rate hike. * U.S. Fed begins two-day meeting on Tuesday. * G7 to hold off revising Russian oil price cap - EU officials. By Stephanie Kelly.
Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand. In volatile trade, Brent crude futures for May rose 82 cents, or 1.1% to $73.79 a barrel. Oil prices rebounded as Wall Street posted gains.
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets. Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December.
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