Morgan Stanley flagged increasing demand from China and also supply increasing out of Russia:
- mobility indicators for China, such as congestion, have been rising steadily
- flight schedules have firmed-up the outlook for jet fuel demand
Supply from Russia stronger than expected
- We previously estimated a ~1 mb/d year-on-year decline in 2023, which we moderate to 0.4 mb/d"
MS revised their Brent oil price forecast for H2 2023 to $90-100 a barrel from $100-110 previously.
