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https://www.cnbc.com/2020/10/12/goldman-says-biden-election-win-could-be-positive-for-oil-prices.html

Goldman says a Biden win could be a 'positive catalyst' for oil prices

2020-10-12 00:00:00, Natasha Turak, CNBC

Content Categorization
/Business & Industrial/Energy & Utilities/Oil & Gas
/News/Business News

Word Count:
721

Words/Sentence:
33

Reading Time:
7.21 min

Reading Quality:
Advanced

Readability:
16th or higher

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We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst," the bank's commodities team wrote in a research note Sunday.

Goldman sees improved demand in 2021 and tighter supply for both gas and shale oil superseding election results, though a Biden administration could provide a further boost to oil prices by making production – especially for shale – more expensive and more regulated.

If an Iran deal helps bring oil prices further down, Goldman says, shale and associated gas production won't be profitable, putting a squeeze on their supply.

The bank's outlook is optimistic compared to several other forecasts; the International Energy Agency in September cut its forecast for 2020 oil demand growth to 91.7 million barrels per day, a contraction of 8.4 million bpd year-on-year.

"Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone," the note said.

Keywords
Goldman Sachs Group Inc, United States, business news, Oil and Gas, Energy, Joe Biden, Elections, COVID-19, Donald Trump, U.S. Economy, Coronavirus, Trump administration, Politics, Markets, U.S. Democratic Party, Economy

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