Updated oil price forecasts from BNP

  • Say WTI to average $55/bbl in 2015
  • But their 2015 Brent forecast is upped by by $2 to $62/bbl
  • "Global oil fundamentals continue to imply large stock builds in Q2 with only modest draws by Q4, suggesting that a sustainable recovery in prices will take time"
  • Supply considerations in US shale oil and OPEC crude production continue to take precedence overdemand with respect to the fundamental driver of the oil price"