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OIL: Bearish Outlooks for Oil Build Amongst Top Oil Traders

OIL
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More bearish outlooks are being forecast for oil from top industry executives during APPEC week along with the latest research notes, see below:

  • The global benchmark is “probably going to go into the $60s some time relatively soon,” Ben Luckock, Trafigura’s head of oil said at APPEC.
  • Morgan Stanley cut its Brent outlook again in its latest note. The global benchmark will average $75 a barrel in the fourth quarter, according to analysts at the bank. It represents a cut of $5/bbl from even recent forecasts.
  • “Today, we are producing much more oil than we are consuming, and that balance is seen to worsen over the next years,” Torbjörn Törnqvist, chairman of major trader Gunvor Group said at APPEC.
  • Oil’s price floor may be shifting from about $75 to $80 a barrel to around $70, according to Daan Struyven, the head of research at Goldman Sachs said at APPEC.
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More bearish outlooks are being forecast for oil from top industry executives during APPEC week along with the latest research notes, see below:

  • The global benchmark is “probably going to go into the $60s some time relatively soon,” Ben Luckock, Trafigura’s head of oil said at APPEC.
  • Morgan Stanley cut its Brent outlook again in its latest note. The global benchmark will average $75 a barrel in the fourth quarter, according to analysts at the bank. It represents a cut of $5/bbl from even recent forecasts.
  • “Today, we are producing much more oil than we are consuming, and that balance is seen to worsen over the next years,” Torbjörn Törnqvist, chairman of major trader Gunvor Group said at APPEC.
  • Oil’s price floor may be shifting from about $75 to $80 a barrel to around $70, according to Daan Struyven, the head of research at Goldman Sachs said at APPEC.