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Wednesday, May 18, 2016

Cramer: Goldman Sachs "Should Be Taken to Task" For Bad Calls on Oil

From TheStreet:
Longtime oil price bear Goldman Sachs (GS) adjusted its tune Monday calling for a near-term $50 target for the commodity due to a sooner-than-expected deficit to the global supply market.

"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman said, adding that it now anticipates oil will reach $60 per barrel by the end of 2017.

But even though Goldman's newly "measured" outlook is in line with his longstanding estimate, TheStreet's founder Jim Cramer said Monday that the bank has been dead wrong about oil all year.

"I would point out that Goldman went too wild high, and then they went too wild low, and they should be taken to task for that because they're highly paid professionals who made way-too-extreme calls on both sides," he said. "They were very responsible for a big panic in the market when they said oil was going to go to $20. A lot of individual investors lost fortunes off that call. Now they're trying to be a little more measured."
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