 |
Louisiana Light • 2 days | 86.68 | -2.47 | -2.77% | ||
|
Bonny Light • 1 day | 88.73 | -1.64 | -1.81% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% | ||
|
Mars US • 167 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 10 mins | 2.703 | -0.011 | -0.40% |
|
Bonny Light • 1 day | 88.73 | -1.64 | -1.81% | ||
|
Girassol • 1 day | 89.30 | -1.63 | -1.79% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% |
|
Peace Sour • 2 hours | 75.30 | -0.05 | -0.07% | ||
|
Light Sour Blend • 2 hours | 78.35 | -0.05 | -0.06% | ||
|
Syncrude Sweet Premium • 2 hours | 85.30 | -0.05 | -0.06% | ||
|
Central Alberta • 2 hours | 75.70 | -0.05 | -0.07% |
|
Eagle Ford • 2 days | 79.17 | -2.67 | -3.26% | ||
|
Oklahoma Sweet • 2 days | 79.25 | -2.50 | -3.06% | ||
|
Kansas Common • 2 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 2 days | 86.86 | -2.40 | -2.69% |
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HSBC: WTI Oil To Average $34.60 This Year
Expectations that the oil market will swing into deficit in July prompted HSBC to revise up its oil price forecasts for this year, with the U.S. benchmark WTI Crude projected to average $34.60 a barrel.
The previous forecast by HSBC Global Research was $32.80 per barrel. The bank also increased its forecast for the average Brent Crude price in 2020 to $39 a barrel from $37 previously expected, due to the record production cuts that are set to flip the market into deficit next month.
“We see the market almost back in balance in June, and moving into deficit in July,” HSBC said on Monday, as carried by Reuters.
The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts, Rystad Energy analysts said on Friday. The market deficit coming this summer, however, doesn’t mean that there will be a global oil supply crunch, because inventories and floating storage have yet to begin depleting.
Despite the record cuts from the OPEC+ group and economics-driven production curtailments in North America, the trend in oil prices is still uncertain because the recovery path of global oil demand is still highly uncertain, according to the bank.
“We think this uncertainty is behind the latest push from OPEC+; its goal of eliminating the market surplus is in sight, but the precise timing is not yet clear,” HSBC Global Research said, as quoted by Reuters.
OPEC+ agreed on Saturday to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by over-achieving in the cuts in July, August, and September.
Early on Monday, oil prices were down at 8:40 a.m. EDT, with WTI Crude trading at $39.15, down by 1.09 on the day, and Brent Crude down 0.35 percent at $42.17, as the OPEC+ extension was largely priced in in Friday’s market rally and as Libya confirmed the restart of its largest oilfield following six months of blockades.
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By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
- $35 Brent: Goldman Sachs Turns Bearish On Oil
- Morgan Stanley: This Oil Rally Won’t Last
- OPEC+ Agrees On Extending Record Output Cuts
Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
just last month oil prices futures was negative; and reports about excess crude VLSS tankers across various ports in singapore, sanfranciso, los angeles was considered as doomsday scenario for oil drillers.
today it is a different-there is no excess, in fact is balanced.
conclusion: media and bankers are h 0res. they get paid to report krap.
oil consumption globally is less than 15% of what is officially reports. 87mmm barrel per day is nonsense. you cannot be shipping and exporting such volumes by sea, train.
not morre than 10 to 12 million barrels is consumed.
this above fraud is just to keep fake solar farm market alive. that is all solar farm is another $trillion scam.
in this india is the no1 scam. as aprice taker, we r spdning$100 million on fake solar famr importing equupments, invertord.
god bless al hore..
cheers
ex-barclays/RBS/ABn amro , treasury india singapore