Goldman Sachs says March oil has a $100 problem

Goldman says Brent will average above $100 in March, turning a week of ugly oil spikes into a forecast that assumes the pain is sticking around

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The oil market’s war math keeps getting more expensive. Goldman Sachs $GS said in a Friday note that it expects Brent to average above $100 a barrel in March, a jump from where the bank’s forecasts sat just days ago and another sign that Wall Street has moved from pricing a geopolitical scare to pricing a supply squeeze.

Oil traders can flirt with triple digits for a day or two and still tell themselves that a scary story will have a happy-ish ending. But an average above $100 is different. It means the market is suddenly pricing in persistence — ships disrupted, infrastructure damaged, and the world’s most important energy choke point........

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