JPMorgan forecasts that Brent will hit $90 on summer fuel demand by September.
JPMorgan forecasts that Brent will hit $90 on summer fuel demand by September.U.S. crude rose Thursday to trade above $82 per barrel, with the benchmark heading for its second weekly gain in a row. West Texas Intermediate has gained 4.
8% this week, while global benchmark Brent is up 3.8%. JPMorgan forecasts Brent will hit $90 per barrel in September as the market tightens on falling inventories. "Given the seasonal uptick in oil demand, refinery runs, and ongoing weather risks, and as OPEC and its allies extend production cuts through 3Q24, oil balances should tighten and inventories should begin to draw during the summer months," analysts led by Natasha Kaneva, head of the global commodities strategy team at JPMorgan, told clients in a research note Thursday.August contract: $85.86 per barrel, up 79 cents, or 0.93%. Year to date, the global benchmark is ahead by 11.4%.Crude oil has proven resilient with upside momentum firming, Ryan McKay, senior commodity strategist at TD Securities, told clients in a research note Wednesday. McKay cautioned, however, that the rally could fade. Commodity trading advisors could ease up on buying and liquidate some of their lengths if U.S. oil drops below $80.33 and Brent falls under $84.92, McKay said." On Wednesday, Hezbollah leader Hassan Nasrallah warned Israel in a televised speech that the militant would fight with " Oil prices rallied in April to annual highs as Iran and Israel nearly went to war. Traders shifted focus back to market fundamentals after tensions eased, unwinding the risk premium that had lifted crude futures.OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman says
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U.S. crude oil holds above $81 per barrel, on pace for second weekly gain in a rowJPMorgan is forecasting Brent will hit $90 by September on summer fuel demand.
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U.S. crude oil holds above $81 per barrel, on pace for second weekly gain in a rowJPMorgan is forecasting Brent will hit $90 by September on summer fuel demand.
Read more »