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 ...

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 ...

4 May 2025 | 7:12PM EDT Oil Comment: Nudging Down Our Price Forecast on Higher OPEC Supply Assumption From July 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 Ephraim Sutherland +1(972)368-0395 | ephraim.sutherland@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important discl ...

Consolidation Sets Stage for Next RunOn Tuesday, the price of crude oil continued to compress as the day’s trading range was the smallest since the early-April interim swing high, which was followed by a sharp drop to $55.23. At the time of this writing, crude is set to end the day’s session with a narrow range inside day with a low of $60.92 and a high of $62.12.A decline below the low of the day has Monday’s low of $60.68 as the next lower target, followed by Friday’s low of $59.54. On the upside, there i ...