Oil prices jumped more than 2% on Monday to their highest since November 2015 as Goldman Sachs said the market had ended almost two years of oversupply and was in deficit.
Oil advanced as Goldman Sachs said the market moved into a deficit earlier than expected and China’s refineries processed crude at record rates.
The owners of Dong Energy, who include the Danish government and Goldman Sachs, may hold an initial public offering almost one year before a previously announced deadline, according to reports.
Oil at $35 a barrel is neither too high nor too low but just right to make shares of US explorers worth buying, according to Goldman Sachs.
Goldman Sachs has said about 40% of its oil and gas loans and lending commitments are to junk-rated firms.
Not even the pessimists on Wall Street thought things would go so wrong so fast in 2016.
Repsol SA is considering selling its stake in Tangguh LNG, one of Indonesia’s largest liquefied natural gas projects, as Spain’s biggest oil company seeks to reduce debt, according to people familiar with the matter. Repsol’s 3.1 percent stake in the gas fields, operated by BP Plc, may fetch as much as $300 million in a sale, the people said, asking not to be identified as the deliberations are private.