The oil market has changed rapidly over the past twelve months, and a new oil world order is ahead according to Goldman Sachs.
In a research note issued this week, the bank laid out the eleven reasons why it believes the world is on the edge of a new order in oil markets.
A new oil world order
1) Spot prices have pushed to lows not seen since the financial crisis this week, and while the market has been focused on the moment at the front of the market, forward oil prices, along with commodity currencies and energy equities/credit have all slumped to levels not seen since 2005. These changes have created an extreme economic environment. Financial stress is higher; operational stress is more severe, and costs of production are sliding around the...
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