Citigroup forecasts Brent oil as low as $68, say to short oil after summer is over

<p>Info comes via an Oil Price article. </p><p>In summary:</p><ul><li>After summer the current oil price rally will be over.</li><li>

A hurricane—and only a hurricane—is the one thing that could change the fatter supply outlook for the post-summer months. </li><li>Citigroup’s commodity research team warned traders that global oil demand typically peaks in August—but it went a step further, casting doubt on recent forecasts of tighter global crude oil supply from agencies including the EIA, the IEA, and OPEC.</li><li>according to Citigroup analysts, the oil markets will see a 200,000 bpd surplus this year, and a whopping 1.8 million bpd surplus next year, with additional oil supplies coming from both within OPEC+ and out</li></ul><p><a href="https://oilprice.com/Latest-Energy-News/World-News/Citigroup-Says-To-Short-Oil-After-Summer-Is-Over.html" target="_blank" rel="nofollow">Link to the piece </a>for more.</p><p>—</p><p>Wall Street Journal (gated) with a little more:</p><ul><li>The bank warned that Brent crude in the current quarter may fall short of its $83/bbl projected average price target. If hurricanes don't materialize, they call for a $78/bbl Brent average price in 4Q and $68/bbl to $77/bbl in 2024.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.