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OIL Markets Looking Towards OPEC Meet for Direction: RBC

OIL

Oil markets have lost all of the geopolitical risk premium that had been driving markets higher in recent months and now looks towards the upcoming OPEC meeting according to RBC’s head of commodity strategy Helima Croft.

  • “Oil is a pretty unspectacular story at the moment, we are kind of rangebound” she said.
  • “We don’t have a shortage of oil on the market, particularly light sweet barrels, there isn’t this anxiety that we are tightening the oil markets,” she added.
  • “We could see over summer, European refineries coming out of maintenance, potentially 600,000bpd of demand coming back, support repairs in Guyana taking 200,000 bpd of exports off the market but really right now we are kind of stuck in this range,” Croft said.
  • “I don’t think at this current price they [OPEC] are going to be putting barrels back onto the market,” Croft added.
  • “We [RBC] do see us in this Brent price range of $80-90/bbl, we think Brent is going to average $84/bbl for the remainder of the year and WTI $79.50/bbl,” Croft said.
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