Investment bank Goldman Sachs expects a 13.5 percent increase in commodity prices within six months. Crude oil could reach $80 per barrel, and the increase in demand for it is to be the fastest in 20 years.
In the latest Commodity Watch forecast, Goldman Sachs expects a sharp jump in oil demand, from the current level of 94.5 million barrels per day to 99 million in the third quarter. It will be linked to the progress of the vaccination campaign against the coronavirus in Europe, including will be associated with an increase in the number of trips.
Lifting travel restrictions will be associated with a jump in the demand for aviation fuel, translating into an increase in oil consumption by 1.5 million barrels a day – estimates Goldman Sachs. The bank also notes that the level of aviation fuel consumption this summer will be 30 percent lower than before the outbreak of the pandemic.
Goldman Sachs also raised its copper price forecasts. The average price of a metric tonne of this metal in 2021 is $9,675. In 2022, it is expected to be $11,875, and in 2023 – $12,000. In 2025, the price of a tonne of copper is expected to reach $15,000.