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Goldman Surprised by Sudden Oil-Market Turn as Glut Vanishes

stander
stander
in Oil, Gas and Energy News

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The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected.


A decline in production driven by unexpected supply disruptions, as well as sustained demand, have resulted in a “sudden halt” to the output surplus, Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a report dated May 15. Other banks such as Morgan Stanley, Barclays Plc and Bank of America Corp. also noted that supply losses are leading markets to rebalance.


http://www.bloomberg.com/news/articles/2016-05-16/goldman-surprised-by-oil-market-s-flip-to-deficit-on-supply-cuts


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