Morgan Stanley Raises Brent Forecast as Middle East Supply Recovery Slows
Dow Jones
Yesterday
1000 GMT - Morgan Stanley raised its Brent crude forecast for the fourth quarter, saying it sees prices peaking at $100 a barrel as a slower Middle East supply recovery leaves the oil market in deficit through the first quarter of next year. "Crude is tightening. Recent weeks have seen one of the sharpest declines in oil-on-water, whilst onshore inventories are declining as well, including in China," analysts at the bank say. Morgan Stanley now expects the recovery in Middle East supply to extend well into 2027. Meanwhile, releases from the U.S. Strategic Petroleum Reserve are slowing and could end after September, while Chinese crude buying has stabilized and could strengthen, according to the bank.
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