Oil Price Forecast - April 4

[dan_s]

Martijn Rats, CFA – Morgan Stanley
April 4, 2019 9:00 PM GMT

US oil production is set to grow strongly in 2019. However, with productivity improvements slowing, the rig count rolling over, and guidance from 38 US E&Ps, we are shaving ~100,000 barrels per day off our oi supply forecast. A modest change, but against a tight backdrop, it supports our call for $75/bbl Brent by end-3Q. < This is in-line with Raymond James updated forecast that WTI will average $65/bbl in Q3.

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