Oil is not doing a lot here during the Asia session, not much happening across the forex space either.
A few comments and forecasts from around the place.
CBA (via Reuters):
- We continue to see oil prices tracking higher in H2 2021 as oil demand growth outpaces supply growth
- projection for Brent is to $85 by Q4
An ANZ note:
- With demand holding up, the market is starting to sense the 400kb/d increase in OPEC+ will not be enough to keep the market balanced. Inventories continue to fall, both in the U.S. and across the OECD
- sees prices higher by $3 to $5/bbl for the remainder of 2021, to as high as $100 thoug if OPEC+ is too slow in bringing back supplies
- citing faster-than-expected normalisation in OECD inventories
- drops 2022 forecast by $3/bbl for 2022 citing their expected larger surplus