https://blackmon.substack.com/p/enverus ... dium=email
In the latest signal of a faltering oil market, energy analytics and intelligence firm Enverus said Wednesday it was lowering its outlook for crude oil prices in the face of a looming recession and signs of demand destruction. In an email, the firm said it was reducing its outlook for the international Brent price to drop below $100 by the end of 2022.
“Until July we have argued that Brent pricing was well supported at $100/bbl. However, the downside risks are becoming more prominent, and we now expect some sort of European recession by the end of the year. This will loosen balances by 1-2 MMbbl/d as weaker global demand emerges. We expect Brent to drift to the mid-$80s/low-$90s by year-end,