Goldman Sachs Commodities Research raised by $10 its Brent crude oil price forecasts for the second and third quarters of 2021, citing lower expected inventories, higher marginal costs to restart upstream activity and speculative inflows. The Wall Street bank expects Brent prices to reach $70 per barrel in the second quarter from the $60 it .
Warm Forecast for March Pressures Natural Gas Futures Lower Early
A warmer forecast for the first third of March kept the pressure on natural gas futures in early trading Wednesday. The expiring March Nymex contract was down 2.6 cents to $2.853/MMBtu at around 8:50 a.m. ET. April was down 2.2 cents to $2.835.
The latest forecasts extended warmer trends for the opening third of March, putting the period on track for well below normal demand as above normal temperatures are expected to take hold across the Midwest and East, according to Bespoke Weather Services.
“All models agree, although to varying degrees,” with the American model notably warmer than its European counterpart, Bespoke said. “While there can be some variability at times as we move through the month of March, the risk is increasing that the month as a whole will be a low demand one, with warmth winning out rather easily over any cooler periods.”
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