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The crude oil market is currently tight but next year will likely be in surplus, with Brent prices declining into the mid-to-high $70s range, Morgan Stanley said.The tightness will hold for most of the third quarter, the bank said in a note dated on Friday, but equilibrium will return by the fourth quarter, “when seasonal …
Oil Market Likely to be in Surplus Next Year, Morgan Stanley Says Read More »
U.S. natural gas futures fell about 2% to a two-month low on Thursday on a bigger-than-expected weekly storage build as output rose and the amount of gas flowing to liquefied natural gas (LNG) export plants dropped after Freeport LNG in Texas shut early this week for Hurricane Beryl. Front-month gas futures for August delivery on …
US Natgas Prices Fall 2% to Two-Month Low on Big Storage Build, Rising Output Read More »
Summary Brent 2024 average is forecast at $83.93 a barrel in poll WTI 2024 average is forecast at $79.72 a barrel in poll Prices could spike to $90 depending on summer use, geopolitics (Reuters) – Oil prices will not change much in the second half of 2024 as concerns around demand from China and prospects …
Oil Prices to Stay Steady as China Demand Woes Offset Mideast Risks – Reuters Poll Read More »
Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said. World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles …
Major Oil Surplus Seen This Decade as Demand Hits Peak, IEA Says Read More »
Analysts at producer and consumer agencies have different takes on how much the world needs. Analysts from the International Energy Agency and the Organization of Petroleum Exporting Countries are growing even further apart on how much oil the world needs. The two agencies have updated their forecasts for the first time since the wider OPEC+ …
OPEC+ Producers Are Caught Between Diverging Oil Forecasts Read More »
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024. Hedge funds and other money managers purchased the equivalent of 21 million barrels in the six most important futures and …
U.S. Oil Futures Draw Renewed Interest from Hedge Funds: Kemp Read More »
Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds Read More »
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year. The Paris-based energy watchdog lowered its growth outlook for this year by 140,000 barrels per day (bpd) to 1.1 million …
IEA Trims 2024 Oil Demand Growth Forecast, Widening Gap with OPEC View Read More »
World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster than thought previously, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of Petroleum Exporting Countries (OPEC), while also lowering …
EIA Cuts World Oil Demand Forecast for 2024, Hikes Output Expectations Read More »
Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80.It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical …
Goldman Sachs Hikes Brent crude Forecasts for 2024 and 2025 Read More »
