An August 7 piece from JP Morgan

(Analyst David Martin)

  • Sees H2 Brent at $50
  • Sees WTI in H2 at $44
  • Average forecast lowered to $54.50/b for Brent
  • & $48.50/b for WTI
  • 2016 forecasts lowered $19/b, to $52.50/b for Brent
  • & to $46.50 for WTI

Cites downside risk from:

  • Reduced crude demand in Asia
  • And the potential for inventory liquidation by the National Iranian Oil Co. to pump up supply

Adds:

"Peak in seasonal refinery maintenance in October could push prices substantially below these levels, potentially setting new lows for the year"