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Morgan Stanley Raises Oil Forecast

OIL

Morgan Stanley has raised its Q4 Brent forecast to $95/b, up from $82.5/b, although it remains sceptical that prices could surpass $100/b.

  • The bank said that the market could remain under supplied for several quarters amid Saudi Arabian and Russian output cuts.
  • However, it said that prices above $100/b would be “stretched”, according to Reuters.
  • "With these cuts, fundamentals are clearly tighter-for-longer and prices are well supported," Morgan Stanley said in a note, adding prices were well supported around current levels as long as the market remained in deficit.
  • In addition to raising its Q4 brent price, it increased its Q1 2024 outlook by $12.5/b to $92.5/b. Its Q2 prediction rose to $90/b.
  • Q3 2024’s Brent forecast rose by $7.5/b to $87.5/b and Q4 increased by $5/b to $85/b.
Energy BulletsMorgan Stanley Market NewsCommodities
Energy BulletsMorgan Stanley Market NewsCommodities

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