And despite Goldman's call, many analysts remain bullish.
Fadel Gheit, analyst at Oppenheimer & Co. who follows oil and gas companies like Exxon Mobil (XOM), Chevron Corp. (CVX) and ConocoPhillips (COP) expects oil prices to remain inflated due to political turmoil in the Middle East while natural gas remains cheap since technology developments have made it easier to find.
It may not matter much to Glencore--or, for that matter, to Goldman, which is a formidable commodities trader itself. Goldman's top two executives, Chairman and CEO Lloyd Blankfein and President Gary Cohn, came up through the firm's commodities division.
"Traders do not want prices to be stale," Gheit says. "Whether
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