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Goldman Sees Crude Climbing to $105.00

Top energy derivatives trader Goldman Sachs (GS) said in a report on Thursday the oil markets might have entered a "super-spike" period, which could eventually drive prices toward $105.
"In a very interesting report, Goldman talked about how we might see a longer cycle and a higher cycle than we have seen in a very long time," said Deborah White, senior economist at SG Commodities.
"That was a pretty big call by them and the market is just assessing where supply and demand really sits," said David de Garis, senior economist at ANZ Investment Bank in Melbourne.
U.S. light crude rose $2.40 to $57.70 a barrel, breaking the previous peak of $57.60 hit March 17. London's Brent crude climbed $2.22 to $56.51.
U.S. gasoline futures for May hit a record $1.7360 a gallon on worries that a national stockpile surplus could dwindle ahead of driving season, while heating oil futures struck a peak of $1.6750 a gallon.
Prices have climbed around 30 percent this year, with big-money speculative funds buying heavily on signs that rapid demand growth in Asia's emerging economies and the United States would strain world supply.
For the past month, U.S. gasoline demand has been 2 percent higher than the same time a year ago, despite record pump prices.

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