{"id":22490,"date":"2023-06-14T09:48:38","date_gmt":"2023-06-14T13:48:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/wall-street-oil-watchers-abandon-belief-in-a-2023-price-rally\/"},"modified":"2023-06-14T09:48:39","modified_gmt":"2023-06-14T13:48:39","slug":"wall-street-oil-watchers-abandon-belief-in-a-2023-price-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22490","title":{"rendered":"Wall Street Oil-Watchers Abandon Belief in a 2023 Price Rally"},"content":{"rendered":"
\n

(Bloomberg) — Wall Street oil-watchers have given up their belief in a rally this year.\u00a0<\/p>\n

JPMorgan Chase & Co. on Wednesday became the last of the major banks to slash crude price forecasts, cutting its targets for the second-half by 11% to $82 a barrel.\u00a0<\/p>\n

While demand continues to grow, supplies are keeping up comfortably thanks to a swell of investment, analyst Natasha Kaneva said. The bank is also losing confidence in the OPEC+ alliance led by Saudi Arabia, which announced another supply cut this month to little effect.\u00a0<\/p>\n

JPMorgan (NYSE:) had always been skeptical of a return to triple digits, but even more bullish counterparts have changed tone recently.\u00a0<\/p>\n

Morgan Stanley led the way in calling time on a potential bull run, saying early last month that the supply tightness widely expected by the markets in the second half no longer looks likely to materialize.\u00a0<\/p>\n

Earlier this week, Goldman Sachs Group Inc. \u2014 perhaps the street\u2019s most enthusiastic crude bull \u2014 lowered forecasts as supplies from troubled producers like Russia and Iran prove surprisingly resilient. Last month, Bank of America Corp. also downgraded its outlook as tighter monetary policy erodes fuel consumption.\u00a0<\/p>\n

Beyond Wall Street, some other forecasters continue to anticipate that markets will tighten sharply in the months ahead. The International Energy Agency still projects that world oil inventories will deplete rapidly in the second half, at a rate of 2 million barrels a day, as demand picks up.<\/p>\n

Yet the market\u2019s retreat is a victory for veteran Citigroup Inc. analyst Ed Morse, who late last year warned that China\u2019s shaky emergence from the pandemic and plentiful supplies would put a lid on crude \u2014 and set a price target for 2023 at $80 a barrel.\u00a0<\/p>\n

\u201cThe odds of a 2023 \u2018commodities super cycle\u2019 continue to fade,\u201d Citigroup analysts said in a note this week.\u00a0<\/p>\n

\u00a92023 Bloomberg L.P.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) — Wall Street oil-watchers have given up their belief in a rally this year.\u00a0 JPMorgan Chase & Co. on Wednesday became the last of the major banks to slash crude price forecasts, cutting its targets for the second-half by 11% to $82 a barrel.\u00a0 While demand continues to grow, supplies are keeping up comfortably […]<\/p>\n","protected":false},"author":1,"featured_media":1642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-22490","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWall Street Oil-Watchers Abandon Belief in a 2023 Price Rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Bloomberg) -- Wall Street oil-watchers have given up their belief in a rally this year.\u00a0 JPMorgan Chase & Co. on Wednesday 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