CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Prices to Rise by Year-End on Overly Bearish Macro Narrative, Geopolitics: Rapidan

OIL

Crude prices have more upside risk than downside risk until the end of the year, with prices expected to be heading well into the $90s per barrel by Christmas amid robust fundamentals and geopolitical risk, Bob McNally, president of Rapidan Energy Group, said to Bloomberg TV.

  • The bearish macro narrative for oil has been “overdone”, McNally said.
  • He added that the market is complacent on current geopolitical risks amid the conflict in Gaza.
  • On the downside, oil supplies from Brazil and elsewhere have been surprisingly strong, while inventories have not been drawing by as much as analysts previously expected, he said.
  • The current odds are favoring Saudia Arabia to extend the 1mbpd voluntary output cut into the next year to avoid bearish speculators. “They’ll take a little more of an insurance policy out in the first quarter by extending the cut”, he said.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.