Goldman: Earnings Surprises, Not Investors Are Driving Oil Prices Lower

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Rupert Hargreaves
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Updated on

Last week’s oil price volatility has been blamed on investor positioning although while positioning has had an impact on prices, analysts at Goldman Sachs argue that the previous week’s declines have more to do with fundamentals that many analysts believe. In a research note published at the end of last week, Goldman’s commodities analysts Damien Courvalin and team make their case for why they believe fundamentals (specifically, positive earnings surprises) were behind the oil price move last week. Specifically, the team believes the noteworthy move in oil prices reflected “(1) growing visibility on the sources of future supply, (2) continued…

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Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk