Goldman Sachs: end-users hedge oil prices now for 2011
Crude will be "the bottleneck in the system, rather than refining" says the investment bank
Goldman Sachs has recommended petroleum consumers to hedge their crude oil positions up until 2012, as current price levels are relatively low compared to what supply and demand data suggests it should be.
"We believe that current price levels remain significantly below levels warranted by fundamentals, which offers good hedging opportunities for calendar 2010/2011 for consumers," says Goldman Sachs in its Commodity Watch research note. "We expect the supply-demand balance to continue to tighten
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