Oil prices surged above $120 a barrel in April as the Iran conflict choked the Strait of Hormuz and traders feared the worst.
Since then, something unexpected has happened. Prices have been falling. Not because the conflict ended, but because the market found a way around it.
Goldman Sachs ***** ysts Daan Struyven and Yulia Zhestkova Grigsby published a note this week laying out why the energy market's recovery matters, what it means for different parts of the energy sector, and why crude oil faces less upside risk than many investors might expect, Bloomberg reported.
The Strait of Hormuz is the single most important oil chokepoint in the world. About a third of the globe's seaborne oil passes through it on the way from Persian Gulf exporters to global buyers.
When the Iran conflict escalated earlier this year, flows collapsed. Goldman estimates total crude and oil-product exports through the Strait fell to roughly 5 to 6 million barrels per day in March, down from about 22 to 24 million barrels per day before the conflict, Bloomberg reported.
#Iran #goldman #crude
Since then, something unexpected has happened. Prices have been falling. Not because the conflict ended, but because the market found a way around it.
Goldman Sachs ***** ysts Daan Struyven and Yulia Zhestkova Grigsby published a note this week laying out why the energy market's recovery matters, what it means for different parts of the energy sector, and why crude oil faces less upside risk than many investors might expect, Bloomberg reported.
The Strait of Hormuz is the single most important oil chokepoint in the world. About a third of the globe's seaborne oil passes through it on the way from Persian Gulf exporters to global buyers.
When the Iran conflict escalated earlier this year, flows collapsed. Goldman estimates total crude and oil-product exports through the Strait fell to roughly 5 to 6 million barrels per day in March, down from about 22 to 24 million barrels per day before the conflict, Bloomberg reported.
#Iran #goldman #crude
2 days ago
