GS Energy Weekly教程.pdf

July 9, 2012 Energy Weekly Commodities Research Brent shifts into backwardation as physical market tightens While concerns over the pace of world economic growth remain, the physical crude oil markets have been tightening as further US and EU sanctions, which came into effect on June 28 and July 1, force Iranian crude oil off the market and Norway’s oil workers strike reduces supplies from the North Sea. Meanwhile, Central Banks around the world continue to adopt measures to attempt to support world economic growth, and indirectly, world oil demand. Tighter physical markets lift crude oil prices and shift near-dated Brent timespreads back into backwardation. David Greely (212) 902-2850 david.greely@ After spending the last two weeks on June in contango, near-dated Brent Goldman, Sachs Co. timespreads moved back into backwardation in the beginning of July as further US and EU sanctions against Iran went into effect and an oil Stefan Wieler, CFA workers strike in Norway cut production by up to 250 thousand b/d. (212) 357-7486 stefan.wieler@ Goldman, Sachs Co. Inability to obtain insurance for tankers carrying Iranian crude oil is Samantha Dart forcing refiners to source other crude oils. +44(20)7552-9350 samantha.dart@ The inability to obtain insurance for oil tankers has forced South Korea to