… bang on about it.
That’s the lesson from Monday’s ‘take profits on your commodity positions’ call from Goldman Sachs.
As Olivier Jakob at Petromatrix observes on Wednesday:
Just in case someone missed on Monday the Goldman Sachs recommendation to exit long positions in crude oil, they repeated the call yesterday, giving this time a target of 105 $/bbl on Brent.
Obviously, that’s meant to be a bit of a tongue-in-cheek comment. But to the cynics out there it will certainly ring true. Goldman doesn’t appear to like it when its commodity research is ignored.
And so it was — with Tuesday’s reiteration — that the market finally and conclusively took note:
One more addition to the “Goldman research creates oil footprint” dataset, at the very least.
Related links:
Goldman jolts commodities market – FT Alphaville
Oops, Goldman didn’t do it for their clients again – FT Alphaville
Anatomy of a Goldman trading huddle – FT Alphaville