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RBC Forecasts Brent To Average $80.75/bbl in 2H23

OIL

RBC is forecasting Brent crude prices to average $80.75/bbl during the second half of this year, the bank said in a note.

  • WTI crude is forecast to average $76.75/bbl during 2H23.
  • The bank sees downside risk to its forecast if the physical market tightening event does not materialize in July, meaning the 1mbpd Saudi oil production cut.
  • Strong crude production from the US Gulf Coast at 9.2mbpd, up by 800kbpd year on year, has offered further downside to prices.
  • On the demand side, RBC said the market is not waiting anymore for China’s crude demand revival as China’s crude import numbers in the past three months suggest record-level imports.
Energy BulletsCommodities
Energy BulletsCommodities

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