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OIL: Brent to Remain Rangebound, Averaging $84/bbl for Rest to This Year: RBC

OIL
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Brent is to remain rangebound and expected to average $84/bbl for the rest of the year, with WTI at $79.50/bbl, according to RBC Capital Markets via Bloomberg.

  • “The lack of major, multi-quarter themes leads us to believe that range-bound volatility is likely here to stay.”
  • The physical oil market is “still very sloppy” with the entire complex lower amid plenty of light, sweet barrels in the North Sea region.
  • Demand in China is little changed, particularly for diesel, with more bearish consumption expected in 2H on weaker refining margins, yield shifts and lower utilization rates. Estimated demand growth has been lowered by 200kb/d for FY2024.
  • Gasoline has dropped from a high in April but is still favoured into the US summer driving season.
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Brent is to remain rangebound and expected to average $84/bbl for the rest of the year, with WTI at $79.50/bbl, according to RBC Capital Markets via Bloomberg.

  • “The lack of major, multi-quarter themes leads us to believe that range-bound volatility is likely here to stay.”
  • The physical oil market is “still very sloppy” with the entire complex lower amid plenty of light, sweet barrels in the North Sea region.
  • Demand in China is little changed, particularly for diesel, with more bearish consumption expected in 2H on weaker refining margins, yield shifts and lower utilization rates. Estimated demand growth has been lowered by 200kb/d for FY2024.
  • Gasoline has dropped from a high in April but is still favoured into the US summer driving season.