- Banks lowered their oil price forecasts for a fifth consecutive month despite the recent rally amid concerns that the global crude glut will grow next year, according to WSJ's latest monthly survey of 15 investment banks.
- The September poll predicted that Brent crude would average $53/bbl next year, down $1 from the August survey, and WTI to average $50/bbl in 2018, also down $1 from the previous survey.
- “As prices increased on geopolitical risk, this has given the opportunity for shale producers to hedge a greater share of their production and as a result that gives us a lot more confidence that the supply growth in the U.S. is going to be strong,” says Harry Tchilinguirian, head of commodity strategy at BNP Paribas (PA:BNPP).
- Commerzbank (DE:CBKG) analysts say that due to the increased drilling activity, U.S. production should continue to rise to more than 9.M bbl/day this fall, its highest level since 1970.
- U.S. and Brent prices are roughly flat today after each plunging by more than 2% yesterday.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Shale Is Great But It's Not As Great As People Think It Is
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Oil price forecasts fall for fifth straight month in WSJ survey
Published 10/03/2017, 10:14 AM
Oil price forecasts fall for fifth straight month in WSJ survey
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