Goldman Sachs Banked A Billion Dollars On The Oil Price Crash

Back in late March, Goldman stunned commodity traders when its energy strategist Jeffrey Currie predicted that landlocked oil (such as WTI, and unlike Brent) could trade negative in the very near future as a result of the massive demand plunge in oil and gasoline consumption resulting from the coronavirus shutdowns coupled with the supply surge unleashed by Saudi Arabia as part of its brief market-share war with Russia. This forecast was impressive for two reasons: just 20 days later, the prompt WTI contract indeed plunged into negative territory…