Around The Barrel – Crude Oil and Gasoline Outlook in Inflationary Cycle

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  • #38073
    TradersCom
    Keymaster

    WTI Futures open over $120 bbl after Saudi Arabia raised #oil prices to Asia & Europe more than expected

    Saudi #Aramco raised main grade for Arab Light for Asian customers by $2.10 to $6.50 above benchmark, market expected +$1.50

    Aramco raised all grades for NW Europe and Mediterranean region,
    Prices for US customers remained unchanged
    NB: President Joe Biden’s planned visits to Saudi Arabia and Israel later this month have been postponed until July, several officials told NBC News on Friday.

    #38140
    TradersCom
    Keymaster

    Seems everyone is doing it..

    Goldman Sachs raise their #oil projections again citing supply shortfalls.

    Brent crude will need to average $135bbl back half of 2022 and into first half of 2023 for inventory to normalize in H2 of 2023

    #38141
    TradersCom
    Keymaster

    Barclays raise their Brent crude price forecasts by US$11/bbl for 2022 & US$23/bbl for ’23

    via Reuters, Barclays:

    raising Brent crude price forecast by $11/b for 2022 and $23/b for 2023, and turn constructive with respect to the curve and consensus
    No longer expect a normalization of inventories over forecast horizon, because of expectation of a much larger & sustained disruption in Russian supplies
    Expect Russian oil output to decline 1.5 mb/d by the end of the year
    Increase q4-to-q4 us oil supply forecasts to 1 mb/d in 2022 and 0.7 mb/d in 2023, but see limited upside risk

    #38301
    TradersCom
    Keymaster

    There she goes again …

    WTI settled at $122.11/bbl after EIA Stocks report

    #38038
    TradersCom
    Keymaster

    U.S. crude oil prices continued higher, WTI closed above $120 for the first Friday since 2008 as it settled at $120.67 and held onto seventh-straight
    [See the full post at: Around The Barrel – Crude Oil and Gasoline Outlook in Inflationary Cycle]

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