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  1. Goldman Sachs21 min

    Shifting supply and demand dynamics buffer oil market

    Daan Struyven, Alison Nathan, Don Stryven

    Brent crude currently trades near $80 per barrel with a modest geopolitical risk premium, supported by U.S. supply dominance and OPEC+ strategies to avoid extreme price spikes that could hinder Saudi Vision 2030. While global demand faces downside risks from China, growth in India and the United States keeps prices range-bound, with refined products and gasoline expected to hit summer peaks of $3.70 per gallon due to refining tightness. Simultaneously, the market anticipates a structural shift toward critical minerals like copper as EV penetration rises, while European natural gas markets face potential oversupply by 2026 and gold prices rise on expectations of lower U.S. interest rates.