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Bloomberg
Goldman Sachs Group Inc cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient US shale production.
Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a January 6 note, down from a previous estimate of $70. US marker West Texas Intermediate will average $55.50 a barrel, down from a prior forecast of $64.50. Societe Generale SA also lowered 2019 price outlooks by $9 a barrel in a January 7 note, with Brent now seen averaging $64.25 for the year and WTI $57.25. A surge in Opec production in late 2018 means the market started this year better supplied than the last, and pipeline constraints in
the US Permian Basin will clear up faster than expected, according to Goldman.