RE:Crude Pricing WTI Should Fall Below US$80/bbl Oil now below $79
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US Energy Demand Softens. WTI Should Fall Below US$80/b In The Coming Weeks
Bearish pressure for crude comes from the weakness in OECD economies in the US, Europe and Japan. The significant rise of 1.3 Mb/d in US production this year is justification enough for crude to retreat and breach US$80/b. Expect WTI crude to bottom between US$74-US$78/b over the coming weeks. More production is expected from non-OPEC in 2024 to alleviate concern about OPEC production levels. Brazil and Guyana should together add 670 Kb/d according to Economist data and Canada will have TMX volumes moving west to BC ports for export to Asia.