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4-Traders Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc    GS

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Goldman Sachs Group, Inc. : Goldman Sachs Strategist : Oil Price Could Reach $150/Bbl in Summer

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01/17/2013 | 05:01pm CET

By Hans Bentzien

FRANKFURT--The price of oil could reach as much as $150 per barrel this summer, Goldman Sachs chief commodities strategist Jeff Currie said Thursday.

At this year's global strategy conference in Frankfurt, Mr. Currie that he thinks it possible the price may reach $150 a barrel for Brent oil.

He said he wouldn't be surprised "if we woke up in summer and oil cost $150" per barrel.

In December, Goldman's official forecast for 2013 was around $100 a barrel. Brent oil to be delivered in February at present costs $110, while WTI costs $94.

Mr. Currie pointed out that despite the boom in U.S. shale gas, the oil price remains high, which he attributed primarily to sanction-related supply disruptions in Iran.

Trying to compensate for this, Saudi Arabia has already increased its oil production to a 30-year high this year.

At the same time, Mr. Currie added that while global oil demand has increased at a slower pace, it is still higher than the production increases in non-OPEC countries.

Write to Hans Benztien at hans.bentzien@dowjones.com

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Financials ($)
Sales 2016 30 179 M
EBIT 2016 8 754 M
Net income 2016 6 673 M
Debt 2016 -
Yield 2016 1,16%
P/E ratio 2016 14,76
P/E ratio 2017 13,10
Capi. / Sales 2016 2,94x
Capi. / Sales 2017 2,80x
Capitalization 88 819 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 206 $
Spread / Average Target -7,6%
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Lloyd Craig Blankfein Chairman & Chief Executive Officer
Gary D. Cohn President, Chief Operating Officer & Director
Harvey Mitchell Schwartz Chief Financial Officer & Executive Vice President
R. Martin Chavez Chief Information Officer
James A. Johnson Independent Director
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