Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Friday May 19, 2023
Friday May 19, 2023
We see no fundamental shift in the parameters of our forecast. Our supply-demand estimates point to a largely balanced market in January through April and a first deficit in May—a view confirmed by the latest IEA report which shows that after eleven months of builds, OECD commercial oil stocks drew 14 million barrels in February, followed by a hefty 56 mn bbls draw in March. With demand resilient and world oil supply set to fall starting from this month as wildfires shut in Canadian barrels and voluntary OPEC+ cuts take effect, we continue to project further tightening in the balances in the second half of the year. Consequently, our pricing model continues to screen $90 Brent, a target that remains our price forecast.
Speakers:
Natasha Kaneva, Head of Global Oil and Commodities Research
This podcast was recorded on 19 May 2023.
This communication is provided for information purposes only. Institutional clients can view the related report https://www.jpmm.com/research/content/GPS-4417827-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.