BFW 08/09 08:07 *JPMORGAN CUTS 2H BRENT, WTI OIL FORECASTS BY $16/B
JPMorgan Cuts 2H Oil Price Forecasts by $16, Cites Asian Demand
2015-08-09 08:19:00.728 GMT
By Claudia Carpenter
(Bloomberg) -- 2H Brent avg now seen at $50, WTI at $44,
David Martin, JPMorgan analyst, says in Aug. 7 report.
* “Peak in seasonal refinery maintenance in October could
push prices substantially below these levels, potentially
setting new lows for the year”
* NOTE: Brent’s low for 2015 is $45.19 on Jan 13, WTI’s low
was $42.03 on March 18; Brent closed Friday at $48.61, WTI
at $43.87
* Nearterm downside risk from reduced crude demand in Asia,
potential inventory liquidation by the National Iranian Oil
Co.
* Weaker Asian demand growth and higher production warrant
lower, flatter price path through 2016
* 2015 avg forecast lowered to $54.50/b for Brent, $48.50/b
for WTI
* 2016 forecasts lowered $19/b, to $52.50/b for Brent and
$46.50 for WTI
* Global oil demand growth est. lowered by 300k b/d for 3Q, by
80k b/d for 4Q, to avg demand growth of 1.3m b/d YoY in
2H15; 2016 demand growth forecast raised to 1.35m b/d
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To contact the editor responsible for this story:
Claudia Carpenter at +971-4-364-1029 or
ccarpenter2@bloomberg.net
2015-08-09 08:19:00.728 GMT
By Claudia Carpenter
(Bloomberg) -- 2H Brent avg now seen at $50, WTI at $44,
David Martin, JPMorgan analyst, says in Aug. 7 report.
* “Peak in seasonal refinery maintenance in October could
push prices substantially below these levels, potentially
setting new lows for the year”
* NOTE: Brent’s low for 2015 is $45.19 on Jan 13, WTI’s low
was $42.03 on March 18; Brent closed Friday at $48.61, WTI
at $43.87
* Nearterm downside risk from reduced crude demand in Asia,
potential inventory liquidation by the National Iranian Oil
Co.
* Weaker Asian demand growth and higher production warrant
lower, flatter price path through 2016
* 2015 avg forecast lowered to $54.50/b for Brent, $48.50/b
for WTI
* 2016 forecasts lowered $19/b, to $52.50/b for Brent and
$46.50 for WTI
* Global oil demand growth est. lowered by 300k b/d for 3Q, by
80k b/d for 4Q, to avg demand growth of 1.3m b/d YoY in
2H15; 2016 demand growth forecast raised to 1.35m b/d
Link to Company News:{953454Z IE <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story:
Claudia Carpenter at +971-4-364-1029 or
ccarpenter2@bloomberg.net