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Tight Summer Supply Could Push Oil to $100/bbl: Rystad

OIL
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Oil could push to $100/bbl with a tight supply and demand balance over the summer according to Bjornar Tonhaugen at Rystad Energy via Bloomberg

  • OPEC+ supply management and robust demand growth in 2024, predominantly from Asia, suggest a tight market.
  • US oil production is expected to grow by about 600kb/d to 14mb/d by the end of the year.
  • Tighter gasoline and jet fuel markets could be driven by a “relatively strong” US driving season.
  • Half of the oil demand growth this year will come from jet fuel with air travel in South America, Middle East, Africa skyrocketing.
  • News of imminent attack by Iran on Israel is partially priced in.
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Oil could push to $100/bbl with a tight supply and demand balance over the summer according to Bjornar Tonhaugen at Rystad Energy via Bloomberg

  • OPEC+ supply management and robust demand growth in 2024, predominantly from Asia, suggest a tight market.
  • US oil production is expected to grow by about 600kb/d to 14mb/d by the end of the year.
  • Tighter gasoline and jet fuel markets could be driven by a “relatively strong” US driving season.
  • Half of the oil demand growth this year will come from jet fuel with air travel in South America, Middle East, Africa skyrocketing.
  • News of imminent attack by Iran on Israel is partially priced in.