Rumays Intl. Trading Co.

Weekly Crude Oil Prices Forecast Sep 24, 2023

Weekly Oil Prices Forecast and Technical Analysis

Last week, the Brent crude oil price reached 95 USD at the 50% Fibonacci retracement level and could not break it. But as we mentioned in the past weeks, oil has the potential to reach $100 after a little price fluctuation.

For the next week, it is expected that the Brent crude oil price will correct to the range of $90 and fluctuate in the range of 90-95 USD.

Rumays specialists group carefully monitors market issues and invites you to follow the weekly oil prices forecast and technical analysis, Click here.

JPMorgan Analyst Sees Energy Supercycle with Oil as High as $150

JPMorgan’s head of EMEA energy equity research, Christyan Malek, warned markets on Friday that the recent Brent price surge could continue upwards to $150 per barrel by 2026.

Most recently, crude oil prices have surged on the back of OPEC+ production cuts, mostly led by Saudi Arabia who almost singlehanded took 1 million bpd out of the market, followed by a fuel export ban from Russia. Increased crude demand paired up with the supply restrictions, boosting crude oil prices and contributing to rising consumer prices.

JPMorgan said in February this year that Oil prices were unlikely to reach $100 per barrel this year unless there was some major geopolitical event that rattled markets, warning that OPEC+ could add in as much as 400,000 bpd to global supplies, with Russia’s oil exports potentially recovering by the middle of this year. At the time, JPMorgan was estimating 770,000 bpd in demand growth from China—less than what the IEA and OPEC were estimating.

JPMorgan now sees the global supply and demand imbalance at 1.1 million bpd in 2025, but growing to a 7.1 million bpd deficit in 2030 as robust demand continues to butt up against limited supply.

Publish for those interested.

Weekly Crude Oil Prices Forecast Sep 24, 2023