Goldman Sachs says Brent stays below $100/bbl in their base case because they assume already solid demand, no additional geopolitical supply hit, and elevated spare capacity will lead OPEC+ to raise production in q3

  • Says geopolitical impediments to OPEC's ability/desire to deploy spare capacity could send Brent above $100
  • Says "we are closing our summer24 deficit trade (long aug24/sep24 Brent timespreads) with a profit as this 3m/4m timespread now looks rich"

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Brent has dribbled lower since opening for the week:

Goldman Sachs brent crude oil forecast 08 April 2024 2