Loading…
ING expects the oil market to return to surplus in the first half of 2020, with Brent averaging US$59/bbl in that period and US$62/bbl for the year. That forecast assumes OPEC+ extends its cuts beyond March 2020 and deepens them in early 2020.
ING also cites weaker 2019 oil demand growth linked to the US-China trade war.
A forecast surplus implies weaker crude prices in 2020 unless OPEC+ acts, which lowers energy-linked costs for feed and biofuel. The outlook is a forecast rather than a new event.
think.ing.comWarren PattersonNov 28, 2019Not 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.
