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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.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
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 riskU.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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