BNO - Oil Update - May 2024

2024-06-01 00:25:00 ET

Summary

• My expectation for West Texas Intermediate (WTI) oil prices for June is unchanged from May. That is, WTI should range from $75 to $95 per barrel.
• WTI is hovering around $77.25 per barrel, which is slightly below my narrower range. I expect WTI prices to strengthen in June.
• A couple of months ago when oil was higher, many of the oil cognoscenti were suggesting that OPEC+, when it meets in the next few days, may need to add more oil into the market.

My expectation for West Texas Intermediate ((WTI)) oil prices for June is unchanged from May. That is, WTI should range from $75 to $95 per barrel. A narrower range is from $77.50 to $87.50 per barrel. This is the third month in a row where my expectations have been unchanged....

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