• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Reality catching up with EV forecasts
  • 2 hours A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 14 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 days US Oil Independence is a myth and will always be a myth
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days Natural gas price to spike when USA is out of the market
  • 14 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 14 days *****5 STARS - "The Markets are Rigged" by The Corbett Report

Breaking News:

Freeport LNG Gets Regulatory Approval

Why Oil Won’t Trade Above $100 This Year

Why Oil Won’t Trade Above $100 This Year

Commodity analysts at Standard Chartered…

Where Are Oil Prices Heading In 2023?

Where Are Oil Prices Heading In 2023?

Persisting recession fears are expected…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Barclays Slashes Oil Price Forecast On Demand Shock

Barclays slashed its oil price estimates for this year for the second time in two weeks, expecting WTI Crude to average $28 a barrel in 2020 due to the demand shock from the coronavirus and the supply shock from the Saudi-Russian oil price war.  

On Tuesday, the bank slashed by $12 a barrel its estimates for average WTI Crude price this year to $28 per barrel, and cut by the same amount--$12 a barrel--its outlook for the average Brent Crude price for 2020. Barclays now sees Brent Crude averaging just $31 a barrel this year, largely in line with other major banks that have already slashed their forecasts for Brent to the low $30s. 

“Prices are likely to remain under pressure until the virus situation turns the corner, and if we continue on the projected market balances path, even Saudi Arabia and Russia will not be immune from the price fallout,” Barclays said in a note on Tuesday, as carried by Reuters. 

ADVERTISEMENT

Just two weeks ago, Barclays had cut its oil price outlook for 2020, slashing by $16 a barrel its forecast for Brent Crude to $43 a barrel from $59, and for West Texas Intermediate to $40 from $54 per barrel previously. 

The price outlook was slashed again today due to the spreading of the coronavirus and estimates of massive demand destruction across the world as many countries are now under lockdown, and thousands of flights are grounded. 

ADVERTISEMENT

Last week, Morgan Stanley further cut its oil price forecast, expecting Brent Crude to average $30 a barrel during the second quarter, from $35 a barrel earlier. As early as March 9, Goldman Sachs had warned that $20 oil was on the horizon

Oil prices will likely remain at around $30 for months amid the price war and the fight for market share while the coronavirus pandemic batters oil demand, a Reuters poll of analysts showed ten days ago. 

By Tsvetana Paraskova For Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News