Goldman: For peek into oil market’s future, go back to 1990s

Revised upward: An employee stands on an oil storage tank against a backdrop of cracking towers in an oil refinery in Szazhalombatta, Hungary. Goldman has raised its second-quarter forecast for global benchmark Brent crude to US$72.50 a barrel from US$65. — Bloomberg

SINGAPORE: The future of the oil market may resemble the past – specifically the 1990s – according to Goldman Sachs Group Inc.

That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts – reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in a report.