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Oct 15, 2024 · In addition, global oil inventories are much lower today, currently standing at 4.4 billion barrels — the lowest on record since January 2017. Overall, J.P. Morgan Commodities Research forecasts Brent could average $80/bbl in the fourth quarter of 2024 and $75/bbl in 2025, declining to the low $60s by end-2025.
Oct 15, 2024 · As a result, global crude run estimates are further reduced by 180 kb/d to 82.8 mb/d for 2024 and by 210 kb/d to 83.4 mb/d in 2025, representing annual gains of 540 kb/d and 610 kb/d, respectively. Observed global oil inventories declined by 22.3 mb in August, led by a 16.5 mb draw in crude oil stocks.
Crude Oil decreased 0.08 USD/BBL or 0.11% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on November 5 of 2024.
1 day ago · In 2022, the benchmark North American oil price, a crude blend known as West Texas Intermediate or WTI, was changing hands for more than $120 US per barrel at its peak. Last week, that same barrel ...
Oct 3, 2024 · We expect growth will slow to 0.4 million b/d in 2024 and 0.4 million b/d in 2025 because our crude oil price forecast reduces rig counts, the effects of which are offset by increases in well productivity. A previous STEO Perspectives analysis considered how different crude oil price paths can affect U.S. crude oil production.
Jan 10, 2024 · In the first quarter of 2024 (1Q24), we expect crude oil prices to rise somewhat, driven by OPEC+ production cuts leading to global stock draws of 810,000 barrels per day (b/d). As a result of the stock draws, we forecast the price of Brent will increase from $78/b in December 2023 to $85/b in March 2024.
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Although crude oil prices have fallen recently, we continue to expect crude oil prices will rise in the second half of 2024 (2H24). The Brent crude oil spot price ended July at $81 per barrel (b), compared with an average for the month of $85/b. We expect the Brent price will return to between $85/b and $90/b by the end of the year. Rising ...
