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27 May 2025 | 9:40PM BRT Brazil Energy: Oil: Key takeaways from our Brazil Commodities Conference (Day I - O&G) We hosted the first day of our Brazil Commodities Conference today, with a focus on the O&G industry with the presence of management and/or IR teams of Petrobras, PetroReconcavo, Brava Energia, Ultrapar, Cosan and Vibra Energia. We've also hosted Daan Struyven, Co-Head of GS Global Commodities Research, who shared details on GS cautious view for oil prices. E&Ps. The main question from investors w ...

Rising oil production that may surpass the yearly demand growth of the commodity will probably drag down prices. This will hurt demand for drilling and production equipment as explorers and producers will be reluctant to produce more of the commodity, creating a challenging outlook for the Zacks Oil and Gas- Mechanical and Equipment industry.Companies striving to navigate these industry challenges include Natural Gas Services Group, Inc. (NGS) , Solaris Energy Infrastructure, Inc. (SEI) and Oil States Inter ...

18 May 2025 | 3:06AM EDT Oil Comment: Maintaining Our Cautious Oil Price Forecast as Higher Iran Supply Assumption Offsets Higher GDP Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC n We are maintaining our below-the-forwards Brent/WTI oil price forecasts of $60/56 for the remainder of 2025 and $56/52 in 2026 as the price drag from a higher Iran supply assumption and from slightly higher than ...

16日国际油价上涨 全周累计上涨超2% 原油期货市场方面，交易员们仍在关注美伊核谈判的最新进展。有消息人士称，谈判双方仍有一些问题亟待解决。这一消息部分缓解了市场对于原油供应 可能增加的担忧情绪，国际油价周五止跌反弹，美油期货和布油期货主力合约价格涨幅在1.4%左右。从周线上看，考虑到全球贸易紧张局势缓和，将推 动原油需求增长，国际油价本周仍累计上涨。其中，美油期货主力合约价格累计上涨2.41%，布油期货主力合约价格累计上涨2.35%。 16日国际金价跌超1.2% 全周累计下跌近4.7% 贵金属市场方面，俄乌谈判重启打击投资者避险需求，国际金价周五下跌，纽约商品交易所6月黄金期价收于每盎司3187.2美元，跌幅为1.22%。本周以 来，中美经贸高层会谈取得实质性进展，市场避险情绪得到抑制。本周以来，纽约黄金期价累计下跌近4.7%，为半年来最差单周表现。 截至5月16日20:04，现货黄金短线下挫20美元，跌破3160美元/盎司，日内跌2.56%。纽约期金日内大跌2%，报3162.00美元/盎司。 | | | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | -- ...

IEA月报：油价下跌促使部分页岩油生产商削减支出和生产活动水平。 ...

13 May 2025 | 11:36AM EDT Oil Analyst Upside Risk to Price Forecast From Lower Tariffs; Presidential Posts Signal Preference for Low Prices Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Exhibit 1: President Trump's Inferred Preference for WTI Oil Prices Appears to Be Around $40-50/bbl, Where His Propensity to Post About Oil Prices Bottoms Source: Twitter or X, Truth Social, Goldman Sachs Global Investment Research 13 May 2025 2 Ephraim Sutherland +1(972)368-0395 | ephraim.suth ...

Core Viewpoint - American Airlines (AAL) anticipates a busy summer season with plans to operate over 715,000 flights, nearly 5% more than the previous summer [1][3]. Flight Operations - AAL plans to operate approximately 38,000 flights over the Memorial Day weekend, with peak travel days expected on May 22 and May 23, each featuring 6,471 departures [2]. - The busiest day of the summer for AAL is projected to be July 6, with nearly 6,800 flights scheduled [2]. - AAL expects customers to check over 50 million bags this summer, reflecting strong demand [3]. Stock Performance - AAL shares have increased by 21.8% over the past 30 days, outperforming the Zacks Transportation-Airline industry's 16.3% and United Airlines' 19.7% gains [5]. - Delta Air Lines has shown even stronger performance with a 26.9% increase in the same period [5]. Trade Tensions and Economic Factors - Easing trade tensions between the U.S. and China, including a 90-day deal to reduce tariffs, have positively impacted airline stocks like AAL [9][11]. - The reduction in oil prices is beneficial for AAL, with fuel expenses decreasing by 13.2% to $2.6 billion in Q1 2025, and average fuel prices dropping from $2.86 to $2.48 per gallon [12]. Valuation Metrics - AAL's Value Score of A indicates it is not overvalued, trading at a forward price-to-sales multiple of 0.14, lower than industry averages and competitors [13]. Challenges - Despite positive indicators, AAL faces challenges such as elevated long-term debt of $24.7 billion, resulting in a debt-to-capitalization ratio of 94.9% [17]. - High labor costs, which increased by 9.2% year-over-year in Q1 2025, are also impacting AAL's profitability [18]. - Earnings estimates for AAL have declined over the past 60 days, indicating potential headwinds for future performance [19][20].

May 8, 2025 06:43 AM GMT 亚洲经济研究 | Asia Pacific M Idea 观点：油价下跌⸺亚洲受益 程度有多大？ 油价下跌将减轻亚洲的石油负担，并可能对增长产生一定的 抵消作用。尽管如此，贸易紧张局势仍将是一个巨大的拖 累。油价疲软和货币走强的局面如果持续下去，可能会导致 降息幅度超出我们目前的预期。 要点 在本报告中，我们详细介绍了CPI通胀和经常账户余额对油价下跌的敏感性。 Exhibit 1: 亚洲是比美国和欧元区更大 的石油净进口地区 -2.4% 0.02% -1.8% -4.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% Mar-13 Mar-15 Mar-17 Mar-19 Mar-21 Mar-23 Mar-25 Oil and gas trade balance (% of GDP, 12M trailing sum) Asia US EA 资料来源：Haver、摩根士丹利研究部 益 Exhibit 2: 泰国、韩国、台湾地区、印 度和日本相对而言受益更多，而马来西 亚和澳大利亚这两个净出口国则没有 ...

May 4, 2025 10:00 PM GMT The Oil Manual Weaker Balances Ahead after OPEC Hike OPEC's quota revision came in higher than we had expected, and is likely a precursor for further supply increases in months ahead. This adds to the market surplus we already modelled for 2H25 and 2026. As a result, we lower our Brent forecasts by $5- 10/bbl. Key Takeaways Exhibit 1: So far, the Brent price is following a trajectory similar to other key downturns; the current period arguably has most parallels to the downturn in 19 ...