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Oil Price Rally At Risk of Correction Lower due to Demand: Gunvor

OIL

The oil price rally since late June is at risk of a correction lower in the next six months as weakening demand takes over from supply cuts as the main market driver according to Gunvor.

  • Parts of Europe are already in recession, the US is likely to slip into a mild one and there’s uncertainty on China demand said Frederic Lasserre, global head of research and analysis according to Bloomberg.
  • There’s a risk of a “significant correction” in Q4 2023 or Q1 2024 and Brent crude could test 71$/bbl to 72$/bbl Lasserre said. “It’s very possible even without much change in fundamentals or balances.”
  • OPEC+ producers should extend their supply reductions into December as the demand picture is looking more fragile.
Energy BulletsCommodities
Energy BulletsCommodities

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