J.P. Morgan has revealed its newest Brent, WTI, and Henry Hub gasoline value forecasts in a analysis word despatched to Rigzone this week.
In response to the word, J.P. Morgan anticipates the Brent crude value to common $84 per barrel in 2024 and $75 per barrel in 2025, and the WTI crude value to common $79 per barrel this 12 months and $71 per barrel subsequent 12 months. The Henry Hub value is anticipated to common $2.88 per million British thermal models (MMBtu) in 2024 and $4.75 per MMBtu in 2025, the word revealed.
Damaged down quarterly, the corporate anticipates within the analysis word that Brent crude will are available at $84 per barrel throughout the second and third quarters of this 12 months, $85 per barrel within the fourth quarter, $82 per barrel within the first quarter of 2025, $77 per barrel within the second quarter, $73 per barrel within the third quarter, and $69 per barrel within the fourth quarter of 2025.
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The WTI crude value is anticipated to come back in at $80 per barrel throughout the second and third quarters, $81 per barrel within the fourth quarter, $78 per barrel within the first quarter of subsequent 12 months, $73 per barrel within the second quarter, $69 per barrel within the third quarter, and $65 per barrel within the fourth quarter, in keeping with the word.
J.P. Morgan tasks within the word that the Henry Hub gasoline value will common $2.05 per MMBtu within the second quarter, $3.00 per MMBtu within the third quarter, $4.00 per MMBtu within the fourth quarter, $4.75 per MMBtu within the first quarter of 2025, $4.50 per MMBtu within the second quarter, $4.75 per MMBtu within the third quarter, and $5.00 per MMBtu within the fourth quarter.
The corporate highlighted within the analysis word that the Brent value, WTI value, and Henry Hub value averaged $82 per barrel, $77 per barrel, and $2.45 per MMBtu within the first quarter, respectively.
In a earlier analysis word despatched to Rigzone on April 26, J.P. Morgan’s value projections have been equivalent, excluding the second quarter and general 2024 Henry Hub costs. In that word, the corporate forecast that the commodity would common $2.25 per MMBtu within the second quarter of this 12 months and $2.93 per MMBtu general in 2024.
In a separate analysis word despatched to Rigzone late Tuesday, J.P. Morgan stated the estimated worth of open curiosity throughout vitality markets elevated by $6 billion week on week and reached $653 billion.
“The rise in crude oil and petroleum merchandise was primarily pushed by wholesome inflows of $15 billion week on week (throughout all dealer varieties), whereas blended value actions throughout the curve in crude oil and petroleum merchandise broadly offset one another,” the corporate said within the word.
“Our oil strategists define continued robust oil demand as most lately evidenced by 500,000 barrel per day enhance in U.S. gasoline demand,” it added.
“The estimated worth of open curiosity throughout pure gasoline markets elevated by $5 billion week on week, as each U.S. Henry Hub and European TTF have rallied in value considerably, whereas web inflows throughout all dealer varieties have been extra modest at ~$0.6 billion,” it went on to state.
In its newest quick time period vitality outlook (STEO), which was launched earlier this month, the U.S. Power Data Administration (EIA) projected that the Brent spot value will common $87.79 per barrel in 2024 and $85.38 per barrel in 2025, the WTI spot value will common $83.05 per barrel this 12 months and $80.88 per barrel subsequent 12 months, and the Henry Hub spot value will are available at $2.18 per MMBtu in 2024 and $3.09 per MMBtu in 2025.
The EIA’s earlier April STEO forecast that the Brent spot value would common $88.55 per barrel this 12 months and $86.98 per barrel subsequent 12 months, the WTI spot value would common $83.78 per barrel in 2024 and $82.48 per barrel in 2025, and the Henry Hub spot value would common $2.15 per MMBtu in 2024 and $2.89 per MMBtu in 2025.
To contact the creator, e-mail andreas.exarheas@rigzone.com
