According to Trafigura, one of the largest independent oil traders, Brent crude prices will soon fall to the $60 per barrel area.
Brent crude, the international benchmark, was trading at $71.63 a barrel, up 0.65% on the day, early Monday, as both benchmarks rebounded after heavy selling last week.
Oil prices fell to their lowest level so far this year and settled on Friday at their lowest since June 2023.
Ben Luckock, global head of oil at Trafigura, expects Brent crude to fall to $60, although he cautioned that traders should not put all their eggs in the short basket.
“Brent crude will probably be around $60 sometime relatively soon,” Lowcock said at the Asia-Pacific Petroleum Conference.I want you) which was held on Monday in Singapore.
But he warned against “It’s dangerous because there are many events that can ruin your day.“In his speech to a panel discussion at the conference, compiled by Bloomberg.
“I’m not going to put all my chips on the table by being short,” Lacock said.
The overall mood in the oil market has been increasingly bearish in recent weeks due to concerns about oil demand in China, which is not meeting previous expectations to lead another year of global consumption growth.
Gunvor, a major oil trader, expects Brent to hit $70. Torbjorn Tornqvist, co-founder and president of Gunvor, told the APPEC conference that the fair value of Brent crude is now $70 per barrel as supply outpaces demand.
The problem of excess supply is not in OPEC+ policy, but in fact The group has no control over the jump in supplies from outside OPEC+.Tornqvist said.
The bearish forecasts from Gunvor and Trafigura came as Morgan Stanley again cut its Brent crude price forecast to an average of $75 a barrel in the fourth quarter.
The downgrade was the second in just two weeks, after the Wall Street bank in late August cut its fourth-quarter Brent price forecast to $80 a barrel, compared with $85 previously expected.
With information from: Oilprice.com
