...

US analysts expect oil prices to soften in 2Q2015

Oil&Gas Materials 19 February 2015 18:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 19

By Aygun Badalova - Trend:

Upcoming peak in seasonal refinery maintenance should soften crude markets and exert downward pressure in crude prices in 2Q2015, analysts of the US JP Morgan bank believe.

In a report obtained by Trend analysts said that oil markets continue to press higher, with Brent futures posting a second weekly gain of around $4 per barrel.

"The rally in Brent futures prices continues to surprise us but we retain the view that prices should soften as we approach 2Q2015 with global refinery maintenance exerting pressure on crude demand, which we expect to remain on schedule due to logistical difficulties on changing scheduled downtime," analysts said.

JP Morgan's analysts forecasts Brent price at the level $43 per barrel in 2Q2015.

In 2015 analysts expect average Brent price at $49 per barrel.

During electronic trading on the New York Mercantile Exchange on February 18, the West Texas Intermediate (WTI) for April delivery decreased by $1.49 to $50.65 a barrel.

April Brent, which is the benchmark price for products in Europe and Asia, decreased by $0.93 to $59.6 a barrel on the London-based ICE Futures Europe exchange.

JP Morgan forecasts for oil prices, 2015, 2016 (in $/bl)

2014

2015

IQ

2015

IIQ

2015

IIIQ

2015

IVQ

2015

2016

IQ

2016

IIQ

2016

IIIQ

2016

IVQ

2016

Brent

99.4

42.0

43.0

53.0

58.0

49.0

50.0

52.0

60.0

65.0

56.8

WTI

92.9

40.0

41.0

50.0

53.0

46.0

45.0

47.0

55.0

60.0

51.8

---

Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter: @AygunBadalova

Tags:
Latest

Latest