Commodity Corner | Crude oil records 1st annual loss since 2020 and prices were down 10% In 2023 on concerns on increasing global supplies and weak demand. Manisha Gupta tells us all about Crude on Commodity Corner today.
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Welcome back as promised we’ll talk about the commodity Market Action Now Manisha Gupta is with us in the studios Manisha Happy New Year to you first of all are there any commodity markets Global markets trading or no it’s just like us in the equity space we the Lo
Ranger love Sal there well yes uh the volumes are really low internationally as well most of the international markets the big exchanges where they are situated those markets are also shut so we’re looking at lower volumes right now but let’s start with the good news and
That clearly comes in from the crude oil prices India being one of the major importers there we have seen crude oil prices decline by 10% in 2023 this has been the first annual decline since 2020 last year we saw the prices G up by 10%
As well so what we are seeing is H you know a narrow range coming into the markets there was a lot of conversation that we could be looking at $100 a barrel that did not happen the range that we saw in the previous year was between 70 to 96 on the higher side
There are of course concerns about incre increasing Global supplies and weak demand and that is putting pressure onto those prices there so while the previous year’s range has been 70 to 96 markets do believe that this year as well you could be looking at that kind of a range
There the US production is at an all-time high as at 13.3 million barrels per day we also have seen continuous decline in rig count in the previous year but that doesn’t really matter because even as we are working with minus 5 157 off a rig count last year
There was an increase of 193 and before that an increase of 235 so if you look at those numbers we still are on the higher side of RI counts and production that is coming in from us as of now the other thing is about record production
That we also are not just looking from us but from Brazil Guana and Canada as well so the non-opc production is expected to increase within OPEC as well as this new year and new quarter begins what OPEC and allies did put out in sense of an agreement was a cut off 2.2
Million barrels per day if you look at that breakdown in various count countries the major heavy lifting is being done by Saudi Arabia at almost 100,000 we have seen Russia put in a big chunk as well and then as we go down the list it really is insignificant on what
These members are doing and also Angola leaving OPEC uh membership is something that has put further pressure onto those prices as well when you talk about the Outlook in the next year will the average outlook for Brent for the next year the most bearish of it comes in
From City at $75 a barrel and then you have 80 and 85 is what Goldman Sachs JP Morgan Morgan Stanley are putting in that the most bullish that we’ve seen on the higher side clearly is 90 to 95 that comes in from Bank of America to Bas but
As I said most of these brokerages and Banks believe that 70 to 95 is where you could be looking at the crude oil prices for this year as well okay got that Manisha thank you very much for the updates over there we Do
