ICYMI - Goldman Sachs $1bn gains on the oil price plunge

The commodities trading desk at GS are up USD 1 billion YTD, info via Bloomberg, citing "according to people with knowledge of the matter"

• generated more than $1 billion in revenue this year through May
• pouncing on wild swings for its best start in a decade
• Much of the boost came from oil trading ... correctly positioned ... for the collapse in prices

Here is the link to the article if you'd like more.

I do recall posting in April prior to the stunning collapse below zero, GS warning quite a few times:

• Goldman Sachs on oil and OPEC+ meeting - a deal might support the oil price, but only briefly

and

• We reiterate our view that the level of voluntary cuts and government purchases remain too little and too late to balance the market, leading to further downside to inland crude prices like WTI into the May expiration

For the ForexLive stalwarts, you'll recall Adam warned loudly of the oil price slipping under zero - and the heat he took for it. Only to be proven oh-so-correct.