Citi says oil should be around $70, as demand drops and recession looms : stocks


https://markets.businessinsider.com/news/commodities/oil-price-outlook-citi-70-demand-drops-recession-looms-brent-2022-6

According to Citi’s head of global commodity research, they’re now a 1.4 million barrel/day decrease in demand, compared to their initial 2022 estimate (now 2.2 million expected, compared to 3.6 million), because of a looming recession.

I found this article interesting, first because this is the first estimate given of demand destruction I’ve seen. Secondly, Citi is also predicting a recession in a rather abrupt period of time.

I don’t really know what to make of this prediction, seeing as how hot the job market and consumer spending appears to be. But if I had to guess, this prediction is too premature. Also, if demand for oil drops this sharply, how does that bode for the rest of the market?



Source link

Related articles

4 Dividend Shares I am Shopping for As The ‘Huge Lovely Invoice’ Takes Its Toll

This text was written byComply withAustin Rogers is a REIT specialist with an expert background in industrial actual property. He writes about high-quality dividend progress shares with the aim of producing the most...

Trump criticizes UK North Sea tax for discouraging drilling

(Bloomberg) – U.S. President Donald Trump criticized the UK’s strategy to taxing North Sea oil and fuel, saying it discouraged drilling and raised power costs.  Britain ought to cease utilizing “pricey and unpleasant windmills”...

Aegis Vopak Terminals IPO: Agency raises Rs 1,260 crore from Nomura, Aberdeen 30 completely different anchor patrons

Storage choices provider Aegis Vopak Terminals has raised Rs 1,260 crore crore from 32 anchor patrons, allocating over 5.36 crore equity shares ahead of the company’s preliminary public offering (IPO) which opens on...

A take a look at the rise of “sovereign AI”, whereby nations make investments immediately in chip corporations like Nvidia and AMD, making AI...

Featured Podcasts Techmeme Experience Dwelling: Tim Apple's Very Unhealthy Week The day's tech information, day-after-day at 5pm ET. Fifteen minutes and also you're updated. Subscribe to Techmeme Experience Dwelling. Sponsor this podcast The Logan Bartlett Present: Jeffrey Katzenberg & Sujay...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com