February 09, 2024

Global Commodities: How to gain $10 in three months

9 minutes

Speaker:

Natasha Kaneva, Head of Global Commodities Research

Our Brent outlook continues to project a tightening market with prices rising from here by another $10 by May with zero risk premium and a 400 kbd unwind of voluntary cuts. So how do we get there? Same as in the third quarter of last year, via a drop in inventories. On a global scale, the world’s onshore crude inventories sit at 4.4 billion barrels—a record low since the start of 2017, when Kpler began tracking the data. Incoming demand data suggest an improving rather than cooling global economy while OPEC+ crude exports have been declining.

This podcast was recorded on Feb. 9, 2024.

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