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Macquarie Sees Oil Supports by Strong Demand in Q3

OIL

Oil Prices may be stronger than earlier projected in Q3 as higher-than-expected refining and power generation demand helps clear excess barrels, Macquarie said, cited by Bloomberg.

  • Brent is forecasted to average $86/b in Q3, an upward revision from its earlier forecast of $83/b, Macquarie said. WTI’s average Q3 price has been revised to $81.50/b from $78.50/b.
  • “Refineries have carried out heavy maintenance and are better prepared to keep running throughout the summer in a sustained manner,” Vikas Dwivedi, Macquarie’s global oil and gas analyst said, cited by Bloomberg.
  • “The unplanned refinery outages are not expected to repeat with the frequency we’ve seen last year.”
  • Worldwide, refineries are set to increase crude throughput by 2m b/d year-on-year in Q3.
  • Healthier cracks may encourage runs to ramp up to produce gasoline and jet fuel during the summer travel season.
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