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MNI Commodity Weekly - Banks Abandon $100/bbl Forecasts for Year-End Brent Prices

OIL

Executive Summary:


  • Banks Abandon $100/bbl Forecasts for Year-End Brent Prices: Most major banks have lowered their Brent forecasts for 2023 year-end Brent prices, given Chinese demand recovery weakness and higher-than-expected crude supply, especially from Russia. All banks covered retain the view of an oil market deficit during the second half of this year.
  • Oil Markets: Crude is trading higher with OPEC+ output uncertainty set against US economy and recessionary fears amid ongoing US debt ceiling talks.
  • Gas Markets: European TTF gas maintains its bearish trend to below 30€/MWh with low demand, healthy storage and strong LNG supplies offsetting reduced Norwegian supplies. US Henry Hub has eased back after reaching a peak of 2.68$/mmbtu on 19 May due to the future supply uncertainty.
Full piece here:

MNI Commodity Weekly - Banks Abandon $100bbl Forecasts for Year-End Crude.pdf

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