What happens next week
Posted: Sat Nov 27, 2021 5:08 pm
Goldman Sachs Group Inc. said in a note that Friday’s move priced in a 4 million-barrel hit to demand over the next three months, nowhere close to the first lockdown, but more than enough to throw the market back into disarray. In any case, the Wall Street bank said that was excessive.
For many the crash is a buying opportunity because they expect prices to recover quickly when the U.S. market returns fully after the holiday and volumes return to normal. The longer-term outlook remains robust.
“This is a huge overreaction in terms of the market,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said in a Bloomberg Television interview. “This is the market pricing in the worst possible scenarios.”
“The sell-off has no doubt been driven exacerbated by algo-driven trading as key technical levels broke down,” said Fawad Razaqzada, an analyst at ThinkMarkets.
For many the crash is a buying opportunity because they expect prices to recover quickly when the U.S. market returns fully after the holiday and volumes return to normal. The longer-term outlook remains robust.
“This is a huge overreaction in terms of the market,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said in a Bloomberg Television interview. “This is the market pricing in the worst possible scenarios.”
“The sell-off has no doubt been driven exacerbated by algo-driven trading as key technical levels broke down,” said Fawad Razaqzada, an analyst at ThinkMarkets.