Commodity Corner | CrudeOil prices surge to near $80/bbl and are headed for the 2nd weekly gain. Manisha Gupta tells us all about Crude on#CommodityCorner today.
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Well let’s you focus now to the commodity markets Manisha Gupta is joining in Manisha what’s the one commodity you’re tracking today well I’m looking at the crude oil prices because some strong gains is what we’ve seen coming for this week uh the crude oil prices the Bren that is is trading near
$80 a barrel it’s headed for a second weekly gain but even with that we are headed for a first annual decline in case of crude oil prices and this comes in since 2020 there what the markets are looking at is the howx at this point in
Time in Red Sea and there’s a Bloomberg report suggesting that the oil shipments have declined by 40% because of what’s happening there but the volumes itself within Red Sea are not so great because much of the global oil actually is exported bya straight of hormas from the Middle East and that those volumes
Actually have been quite on the stronger side there’s a lot of discounted crude as well coming in from that area the markets also are looking out reacting to the latest developments that is about Angola leaving OPEC saying that it does not serve the country’s interest because
OPEC has put out an output quot dark cut for all of its OPEC members and we do know that there is a Discord among the OPEC members as of now especially coming in from the African countries and Angola has been protesting output Kota cuts for some time now so taking that decision
There also there have been doubts in any case on opec’s ability to tighten the markets and that has been weighing onto the street there the US production on the other side also is at a record highs at 13.3 million barrels per day not just us you have Brazil Canada Norway also
Increasing production so much of the non OPEC uh producing countries have been increasing production that’s weing on to the markets if you look at the prices itself October and November have been the weaker months there we’ve seen 10% decline in October 8% down in uh November and December so far has been
Trading quite on the marginal gains there if you look at the volty happening in case of the crude oil prices that has been quite strong as well we started this year with almost $82 a barrel June saw a decline up to $70 a barrel we did
Z prices gain up to 96 in the month of September it was 82 is where it had declined by October at this point in time we are holding around that $80 Barrel Mark but we have seen huge volatile moves coming in case of the crude oil prices in the last many months
There the last three months should come in on your screen so 96 is what we saw in the month of September if you look at October November December from 96 we saw the prices decline all the way down to 74 on the weaker side but currently we
Are holding around that $81 Mark so in the last one month we’ve seen the prices actually trade between 74 to 81 on the higher side talk about on what we are seeing in sense of outlook for 2024 well I’ll start with the most bearish of them
City says that 75 of an average for Brent is what they’re anticipating for 2024 it’s between 80 to 85 for Goldman Sachs JP Morgan and Morgan Stanley as well 90 is something that we’re not even talking about right now in sense of averages so Bank of America on the
Higher side at 90 eia talks about 86 to 87 93 is what Barclay’s expects S&P Global plat talks about 85 so when you look at all of those pricee forecast for 2024 well all of them actually are within that 75 to 95 of an Mark in the
Coming new year all right M what happened to those outrageous calls know the fun calls this is these are safe calls right all right uh that’s oil and commodities in Focus maner thanks very much for That
