Goldman Sachs said the outcome of the election would not impact its bullish oil and natural gas outlook and that an overwhelming Democratic victory could be a positive catalyst for those sectors. Goldman reiterated its bullish 2021 view for both natural gas and oil, saying drivers for higher prices supersede the potential outcomes of the U.S. election. Goldman says the recent gyration in oil prices, rallying on days of higher expected stimulus and weakening dollar, suggest a Biden election and blue sweep could in fact prove a bullish catalyst for oil.
Production at Libya’s largest oil field restarted yesterday afternoon, a move that could quickly increase the country’s overall output after an extended shutdown and add to a glut of oil on world markets that has kept prices low. Libya’s central government agreed last month to lift a nine-month oil blockade. The country’s oil output has already increased to 300,000 barrels a day from about 100,000 barrels a day in the past two weeks.
