• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours Is the oil & gas industry on the way out?
  • 2 hours COVID is real now
  • 12 hours In a Nutshell...
  • 17 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 13 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 3 hours The Boris Yeltsin of America
  • 23 hours Why Oil could hit $100
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 3 days A Real Reality Check on "Green Hydrogen"
China Grants First-Ever Fuel Export License To Private Refiner

China Grants First-Ever Fuel Export License To Private Refiner

Private Chinese refiner Zhejiang Petroleum…

Will Trump’s Proposed ESG Regulation Help Big Oil?

Will Trump’s Proposed ESG Regulation Help Big Oil?

The Trump administration has proposed…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Morgan Stanley Slashes Brent Oil Forecast To $30

Morgan Stanley further cut its oil price forecast, now expecting Brent crude to average $30 a barrel during the second quarter, from $35 a barrel earlier.

Reuters quoted the investment bank as saying, “Temporary sell-offs to even lower levels are possible, if not likely.”

Barclays also revised its oil price forecast earlier this month. The UK bank now expects Brent to average $43 a barrel in 2020, with West Texas Intermediate at $40. That’s down from an earlier forecast of $59 for Brent and $54 for WTI. Even earlier, Morgan Stanley said it expected Brent crude to average $55 a barrel in the second quarter, down from $57.50 earlier, and WTI to trade at around $50 a barrel, down from $52.50.

For now, Goldman is the most pessimistic. The investment bank said last week we could see Brent fall as low as $20 a barrel if the oil price war between Russia and Saudi Arabia continues long enough.

It was this war, rather than the prospects of a global recession on the back of the coronavirus outbreak, that "completely changes the outlook for oil and gas markets," according to Goldman analyst Daniel Courvalin, as quoted by Business Insider. "The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus," Courvalin said.

International agencies are also revising their forecasts, for oil demand this time. The EIA, the IEA, and OPEC all expect demand to take a beating this year, mostly because of the coronavirus, again.

Worse may be yet to come, at least according to Rystad Energy.

“Oil prices have reacted extremely negatively and we believe ... that we have not seen the bottom of the oil price just yet,” the Norwegian consultancy said, as quoted by CNBC. “The potential loss of demand in March-April may dwarf anything the World has ever seen, just when OPEC+ producers open the floodgates of new supply to the market.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News