“We are pulling forward our forecasted oil tightness with Brent prices now expected to reach $65/bbl this summer as opposed to year-end,” analysts at Goldman Sachs noted in their latest commodities report. Key quotes “With vaccines being rolled out across the world, the likelihood of a fast-tightening market from 2Q21 is rising as the rebound in demand stresses the ability of producers to restart production.“ “While higher prices pose the risk of a shale response – as WTI spot prices are now at $50/bbl allowing for higher activity and positive free cash flows – we see this response remaining muted in the first instance, as higher capital costs and producer discipline curtail the US E&P’s reaction function. “ “Moreover, OPEC+ March production level will still be near the recent lows just as global demand starts rebounding sharply driven by warmer weather and rising vaccinations.” This points to the group potentially struggling to ramp-up output quickly enough, with our balance currently reflecting a 1.3 mb/d deficit in April-July despite OPEC+ increasing production by 4 mb/d, a historically tall order.” “We continue to recommend a long Dec-21 Brent trade (currently trading at $53/bbl vs. our $65/bbl forecast) and expect sustained backwardation and lower implied volatility.” Top commodities to trade during 2021: Silver and copper to outshine gold price FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Coronavirus: UK’s Malthouse says greater restrictions will depend on the numbers FX Street 1 year “We are pulling forward our forecasted oil tightness with Brent prices now expected to reach $65/bbl this summer as opposed to year-end,” analysts at Goldman Sachs noted in their latest commodities report. Key quotes “With vaccines being rolled out across the world, the likelihood of a fast-tightening market from 2Q21 is rising as the rebound in demand stresses the ability of producers to restart production.“ “While higher prices pose the risk of a shale response - as WTI spot prices are now at $50/bbl allowing for higher activity and positive free cash flows - we see this response remaining muted… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.