Info comes via an Oil Price article.
In summary:
- After summer the current oil price rally will be over.
- A hurricane—and only a hurricane—is the one thing that could change the fatter supply outlook for the post-summer months.
- Citigroup’s commodity research team warned traders that global oil demand typically peaks in August—but it went a step further, casting doubt on recent forecasts of tighter global crude oil supply from agencies including the EIA, the IEA, and OPEC.
- according to Citigroup analysts, the oil markets will see a 200,000 bpd surplus this year, and a whopping 1.8 million bpd surplus next year, with additional oil supplies coming from both within OPEC+ and out
Link to the piece for more.
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Wall Street Journal (gated) with a little more:
- The bank warned that Brent crude in the current quarter may fall short of its $83/bbl projected average price target. If hurricanes don't materialize, they call for a $78/bbl Brent average price in 4Q and $68/bbl to $77/bbl in 2024.
