Go check out this story at the Financial Times … energy market may conspire to stop recovery …
Just a few days after OPEC projected oil at $90 per barrel in the first quarter of 2010, Goldman Sachs today is saying essentially the same thing:
Goldman Sachs Group Inc. raised its forecast for U.S. benchmark oil by 31 percent to $85 a barrel for the end of 2009 and predicted further gains next year as demand recovers and supplies shrink.
“As the financial crisis eases, an energy shortage lies ahead,” Goldman analysts Jeffrey Currie in London and David Greely in New York said in a report e-mailed today. The bank set a 12-month price target of $90 a barrel for West Texas Intermediate crude, up from $70, and introduced a forecast of $95 for the end of 2010.
Data Source: U.S. Energy Information Administration
(Source: IEA – Oil Market Report)