June 3, 2023

Citi Global Head of Commodities Strategy sees oil prices falling in 2022 – forecasts

Citi Global Head of Commodities Strategy Ed Morse spoke in an interview to discuss the outlook for commodities in 2022.

On Brent:

  • I think we’re moving from a period that’s been over a year in which we’ve had inventories drawing down not enough supply to meet demand to a period in which we’re going to see, starting no later than the second quarter we believe, inventory is starting to grow around the world in an accelerated basis.
  • So we think this is going to be a year where prices are going to go down rather than up. And we’re looking at Brent going from an average of over $75 a barrel this past quarter to maybe $10 or $12 or $15 lower than that by the fourth quarter of this current year.

There is plenty more here at the video (and transcript if you don’t want to watch the whole thing).

brent oil 2022 forecasts

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