Goldman Sachs oil analyst says looking for a 15-20% price correction lower

Analyst note from Goldman Sachs commodities research

Some of the main points:

• sees a correction in the oil price ops 15-20%
• oil above $40/bbl incentivizes supply to return
• but risks to the downside have increased substantially
• surplus inventory overhang still exists
• rally has moved ahead of fundamentals, "prices are ahead of the rebalancing"