Goldman Sachs Forecasts $20 Oil..You Be the Judge of How Reliable that forecast is

Goldman trims 2016 West Texas price forecast to $45 a barrel

• September 11, 2015
• Surplus seen persisting into next year 
• Goldman Sachs Group Inc. cut its oil price forecasts as it sees a global glut persisting into 2016 on further OPEC production growth that may force prices to drop as low as $20 a barrel.

  The bank trimmed its 2016 estimate for West Texas Intermediate to $45 a barrel, from a May
•  projection of $57, according to an e-mailed research note Friday. 
• Goldman also reduced its 2016 Brent crude prediction to $49.50 a barrel, from $62
• It wasnt hard to find this January 15, 2014

Over the last several weeks, crude has been whipsawed by conflicting expectations out of the Middle East: Iran is seen as potentially increasing exports as it reaches a deal that curbs its nuclear ambitions, but at the same time, instability in Iraq and Libya have knocked more than 1 million barrels per day (bpd) of oil offline.

Where to next? Forecasts for crude, gas, and natgas: Goldman

	3m	6m	12m
WTI Crude Oil	$99	$96	$90
Brent Crude Oil	$108	$105	$100
RBOB Gasoline	$3	$3	$2
NYMEX Heating	$3	$3	$3
NYMEX Nat. Gas	$4	$4	$4
UK NBP Nat. Gas	$71	$72	$78

Source: Goldman Sachs Global Investment Research

• Brent crude ended 2014 at a bit under $60