April 23, 2024 14:52 GMT
Brent Prices Unlikely to Pass $100/bbl Structurally: BNP Paribas
OIL
Brent price forecasts of $90/bbl in Q2, $92/bbl in Q3 and $87/bbl in Q4 are driven by soft near-term fundamentals and geopolitical risks, according to BNP Paribas. Prices are unlikely to pass $100/bbl structurally.
- The return of European refineries from maintenance in May will potentially add strength as summer and Q3 balances look tight.
- A material supply response is expected from either OPEC+ or the US around Q4.
- WTI forecasts are for $85/bbl in Q2, $88/bbl in Q3 and $82/bbl in Q4.
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