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$100/Bbl Oil on the Long-Term Horizon: JP Morgan Analysts

OIL

JP Morgan place $100bbl oil “on the horizon” in the long term and upgraded global energy to overweight “with the oil supercycle on track.”

  • On the Russian fuel ban, JP Morgan said it expects it to be temporary and last only couple of weeks, until harvest concludes in October.
  • It said fuel supply in most regions were balanced and that the reduction in fuel exports from Russia will lead to higher crude exports because of limited storage options risking rising tensions with other OPEC+ members.
  • Russian Deputy PM Novak said earlier this week that Russia will be reducing exports of crude oil until year-end by 300 kbd from average levels seen in May-June.
  • Russia exported about 3.9 mbd of crude oil in May-June, meaning that exports in September should equate to about 3.6 mbd the banks analysts said.
Energy BulletsCommodities
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