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MNI Commodity Weekly: Bank Forecasts Mixed for $100/bbl Oil

OIL


  • Bank Forecasts Mixed for $100/bbl Oil: As oil markets surge higher September, bank forecasts of $100/bbl are mixed, balancing concerns around demand backdrops as well as OPEC+ intent to stay the course with fears of hitting demand into 2024.
  • Oil Market: Crude rallies up to a Brent high of 95.9$/bbl as strong demand optimism adds to OPEC+ cuts ahead of central back rate decisions this week. The recent diesel strength eases amid robust Asian exports while soft demand weighs on gasoline.
  • Gas Markets: European natural gas prices continue to be volatile as supply risks are weighed against healthy stock levels and lower demand. Norwegian annual maintenance season is slowly coming an end, which should ease some tightness on the supply side. US natgas prices are mostly stable on the week.
  • See also latest update on Australian LNG strikes.

Full piece here:


MNI Commodity Weekly - Bank Forecasts Mixed for $100 Oil.pdf


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