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Oil Prices Rangebound Between $85/bbl to $95/bbl in H2 2024: Gunvor

OIL

Oil prices are expected to remain in a narrow range with the second half of 2024 in the $85/bbl to $95/bbl range according to global head of research and analysis at Gunvor.

  • Big profits with be harder for energy traders to generate this year amid reduced opportunities and a rangebound market. “Arbitrage today tends to open and close very, very quickly,” said Frederic Lasserre at Gunvor according to Bloomberg.
  • The first half of the year will be dominated by non-OPEC supply growth but will eventually plateau. US production growth is expected to slow from 735kb/d in 2023 to 500kb/d in 2024.
  • Demand is expected to be weak in H1 but recover later to give OPEC+ a chance to ease or stop supply cuts during H2 2024.
  • Red Sea attacks haven’t added a significant risk premium to prices due to the expectation of a seasonal increase in stockpiles over the coming months.
Energy BulletsCommodities
Energy BulletsCommodities

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