Around The Barrel – Crude Oil Outlook with Iran and Israel at War

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  • #52924
    MoneyNeverSleeps
    Participant

    Jeff Currie heads commodities research at Goldman Sachs. He spoke on the sidelines of a conference in Riyadh, Saudi Arabia, on Sunday.

    Bloomberg reports,

    Sees oil over $100 this year
    Oil will rise back above $100 a barrel this year
    Sanctions likely to cause Russian oil exports to drop
    Chinese demand expected to recover
    OPEC+ will unwind production limits and look to raise output later this year
    “Right now, we’re still balanced to a surplus because China has still yet to fully rebound”
    Capacity is likely to become a problem later this year when demand outstrips supplu
    “Are we going to run out of spare production capacity? Potentially by 2024 you start to have a serious problem.”

    #53203
    Truman
    Participant

    Oil prices rose sharply overnight ($79.71/bbl, +1.65, +2.1%) following reports that Russia is aiming to lower its March oil output by 500,000 barrels, according to Bloomberg, in response to sanctions.

    WTI crude oil futures, which reached $80.33/bbl earlier, trade at $78.84/bbl now.

    #52901
    KnovaWave
    Participant

    EIA reported a crude build of +2.735Mbbls offset with draws in gasoline and diesel. Gasoline stocks fell -1.154Mbbls. Distillate fell -2.760Mbbls in i
    [See the full post at: Around The Barrel – Crude Oil Outlook with Iran and Israel at War]

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