MS precede their worth forecast by saying “one of many classes of the oil market during the last decade – and once more in 2020 – is that momentum usually carries on for longer than anticipated.
- H2 of 2021 will see demand restoration more likely to be in full swing
- Brent H2 forecast $65-70 /bbl
- $70 peak in Q3
- H1 2022 Brent forecast is $60 (from 55 prior)
MS cite undersupply, Q1 may very well be probably the most undersupplied quarters since not less than 2000 they are saying. Mobility stats are bottoming out, demand is about to enhance from right here.
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