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Goldman Sachs Raises Oil Price Forecast to $105; Formosa Petrochemical Rallies on Diesel Margins
Energy Minerals · Oil Refining/Marketing · economic_daily · 2026-11-02
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Goldman Sachs has hiked its year-end oil price forecast to $105 per barrel amid geopolitical tensions, fueling a rebound in Formosa Petrochemical shares as diesel supply constraints support strong refining margins.
What Happened
Oil Price Forecast Hike: Goldman Sachs has raised its December 2026 Brent crude oil price forecast to $105 per barrel, citing heightened supply disruption risks from Middle East conflicts and global geopolitical fragmentation. The firm also increased its 2027 average price outlook, reflecting ongoing concerns over energy market stability.
Formosa Petrochemical Rebound: Shares of Formosa Petrochemical surged over 5% during intraday trading, snapping an eight-day losing streak. The stock successfully reclaimed its five-day moving average as investors reacted positively to the shifting energy market dynamics.
Diesel Market Fundamentals: Despite rising crude procurement costs, Formosa Petrochemical remains supported by tight global diesel supplies and high export ratios. Singapore diesel crack spreads have remained elevated near $60 per barrel, signaling that supply-demand imbalances persist despite regulatory shifts.
Operational Outlook: With the fourth quarter marking a peak period for global refinery maintenance and rising heating oil demand in the West, diesel supplies are expected to remain constrained. Formosa Petrochemical anticipates that Asian refineries will continue to benefit from European import demand, keeping refining margins robust.
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