Oil Price Forecast - May 17

[dan_s]

HFI Research: "The outlook for oil prices is improving. Over the coming weeks, we expect prices to stabilize as refinery maintenance ends and the summer driving season begins. The third quarter will likely see a large supply deficit, which should draw down global oil inventories and push prices well into the $80s per barrel range."

If OPEC+ sticks with their supply quota system, I expect WTI to move firmly over $80/bbl in June.

All of my forecast/valuations are based on my view that WTI will average $85/bbl after Q2 2024. < I do have some "cushions" built into my 2H 2024 and 2025 forecasts for the companies that have more oil price risk.