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Morgan Stanley expects the crude oil market to be tight through the third quarter of 2024 and then move into surplus in 2025. It forecasts Brent falling to the mid-to-high $70s next year as OPEC and non-OPEC supply grows by about 2.5 million bpd in 2025.
The bank kept its Q3 2024 Brent forecast at $86 a barrel.
A projected 2025 supply surplus points to lower crude and diesel prices over the medium term, which would reduce feed transport and processing costs. The near-term tightness limits the immediate downside.
energynow.comJul 22, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
