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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (118781)	1/21/2022 1:12:54 PM
From: Goose94	Read Replies (1) of 203543

Crude Oil: WTI/Brent Prices Fall Back Despite Bullish Predictions Leading investment banks issued their outlooks for 2022 this week, with both Goldman Sachs and Morgan Stanley expecting crude oil prices to hit $100 per barrel this year as oil inventories continue to ebb further and OPEC+ spare capacity falls. These reports drove ICE Brent past the $90 per barrel mark for the first time since 2014 this week, but the oil rally fizzled out by Friday as the priced-in geopolitical premium weakened. Despite recurring forecasts of an impending supply shortage, the coming weeks should see more crude on the market - Libya is already back and Ecuador will be getting there soon, too. The wide backwardation in futures markets, with the Brent M1-M12 spread at $8 per barrel, indicates that market fundamentals still point towards a drop from here, rather than a rally continuation. By Friday, global benchmark Brent traded around $88 per barrel, whilst WTI was trending at $85 per barrel. Oilprice.com

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