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My July forecast for West Texas Intermediate is that it will range between $100 to $120 per barrel, and this range is ten dollars lower than my June forecast.
Even at WTI prices of about $110 per barrel, consumers are facing high gasoline prices because refinery crack spreads are extraordinarily high because of a lack of refining capacity.
Risks to the upside include continued oil inventory withdrawals with the physical markets tightening even further, resumption of the Chinese economy to normal activity, and Russia’s exports declining significantly.