Goldman bullish on oil and natural gas prices even if Democrats take White House
By Alexander Bueso
Date: Monday 12 Oct 2020
(Sharecast News) - Goldman Sachs remains 'bullish' on the outlook for oil and natural gas prices, even in the event of a victory for Democrats at the next US Presidential election on 3 November.
For starters, should Americans vote Joe Biden into the White House, that would lead increase the cost of supplies from US shale
Furthermore, deferred prices had already priced-in a "full return" of Iran to world oil markets in 2021 and sustained weak demand, the investment bank's analysts argued.
Indeed, in their view both of those forecasts were excessively pessimistic.
Headwinds for shale would also offset a return of Iranian output over the longer-term, they posited.
"In particular, recovering oil demand next year can more than offset higher Iranian supply if OPEC+ simply implements its already agreed upon higher 2021 output quota."
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