J.P. Morgan sees Brent oil price averaging $73 a barrel in 2025

Reuters11-22 21:48

Nov 22 (Reuters) - J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank said in a note on Friday.

"Our view on 2025 has remained largely unchanged over the past year: we look for a large 1.3 mbd (million barrels per day)surplus and an average Brent of $73," the note said.

The bank sees global oil demand growth decelerating from 1.3 mbd this year to 1.1 mbd next year, adding that China is expected to lead oil demand growth for the last time before India takes the lead in 2026.

J.P. Morgan also said that large surpluses will drive Brent prices below $60 by the end of 2026, with an average Brent forecast of $61/bbl and $57/bbl for West Texas Intermediate oil.

It added that these forecasts assume that OPEC+ keeps its current production levels.

Brent crude futures were trading near $74.56 a barrel on Friday, while U.S. WTI crude futures were at $70.37 per barrel.

Weak oil supply-demand fundamentals might help U.S. President-elect Donald Trump keep his promise to bring down oil prices, the bank noted.

"Trump's energy agenda presents downside risks to oil prices from deregulation and increased U.S. production, while also posing upside risks by exerting pressure on Iran, Venezuela, and possibly Russia to limit their oil exports and revenues."

(Reporting by Anjana Anil in Bengaluru; Editing by Paul Simao) ((mailto:Anjana.Anil@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2485263471?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-22 21:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2485263471","market":"fut","top_or_hot":-1,"title":"J.P. Morgan sees Brent oil price averaging $73 a barrel in 2025","media":"Reuters","content":"<html><body><p>Nov 22 (Reuters) - J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank said in a note on Friday.</p><p>   \"Our view on 2025 has remained largely unchanged over the past year: we look for a large 1.3 mbd (million barrels per day)surplus and an average Brent of $73,\" the note said.</p><p>   The bank sees global oil demand growth decelerating from 1.3 mbd this year to 1.1 mbd next year, adding that China is expected to lead oil demand growth for the last time before India takes the lead in 2026.</p><p>   J.P. Morgan also said that large surpluses will drive Brent prices below $60 by the end of 2026, with an average Brent forecast of $61/bbl and $57/bbl for West Texas Intermediate oil.</p><p>   It added that these forecasts assume that OPEC+ keeps its current production levels.</p><p>   Brent    crude futures were trading near $74.56 a barrel on Friday, while U.S. WTI crude futures    were at $70.37 per barrel.</p><p>   Weak oil supply-demand fundamentals might help U.S. President-elect Donald Trump keep his promise to bring down oil prices, the bank noted.</p><p>   \"Trump's energy agenda presents downside risks to oil prices from deregulation and increased U.S. production, while also posing upside risks by exerting pressure on Iran, Venezuela, and possibly Russia to limit their oil exports and revenues.\"</p><p>(Reporting by Anjana Anil in Bengaluru; Editing by Paul Simao) ((mailto:Anjana.Anil@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>J.P. Morgan sees Brent oil price averaging $73 a barrel in 2025</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJ.P. Morgan sees Brent oil price averaging $73 a barrel in 2025\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 21:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nov 22 (Reuters) - J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BLSP4452.SGD","symbol_name":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2485263471","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485263471","pubTimestamp":1732283293,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"Nov 22 (Reuters) - J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0238689110.USD":"贝莱德环球动力股票基金","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","USO":"美国原油ETF","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","DDG":"ProShares做空石油与天然气ETF","UCO":"二倍做多彭博原油ETF","DWT":"三倍做空原油ETN","LU1261432733.SGD":"Fidelity World A-ACC-SGD","SG9999002232.USD":"Allianz Global High Payout USD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","DUG":"二倍做空石油与天然气ETF(ProShares)","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0106831901.USD":"贝莱德世界金融基金A2","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","SCO":"二倍做空彭博原油指数ETF","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0971096721.USD":"富达环球金融服务 A","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","BK4504":"桥水持仓","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC"},"translate_title":"摩根大通预计2025年布伦特油价平均每桶73美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CLmain":0.9,"QMmain":0.9,"SCO":0.6,"UCO":0.6,"USO":0.6,"DDG":0.6,"DUG":0.6,"DWT":0.6,"BZmain":0.6},"content_text":"Nov 22 (Reuters) - J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank said in a note on Friday.   \"Our view on 2025 has remained largely unchanged over the past year: we look for a large 1.3 mbd (million barrels per day)surplus and an average Brent of $73,\" the note said.   The bank sees global oil demand growth decelerating from 1.3 mbd this year to 1.1 mbd next year, adding that China is expected to lead oil demand growth for the last time before India takes the lead in 2026.   J.P. Morgan also said that large surpluses will drive Brent prices below $60 by the end of 2026, with an average Brent forecast of $61/bbl and $57/bbl for West Texas Intermediate oil.   It added that these forecasts assume that OPEC+ keeps its current production levels.   Brent    crude futures were trading near $74.56 a barrel on Friday, while U.S. WTI crude futures    were at $70.37 per barrel.   Weak oil supply-demand fundamentals might help U.S. President-elect Donald Trump keep his promise to bring down oil prices, the bank noted.   \"Trump's energy agenda presents downside risks to oil prices from deregulation and increased U.S. production, while also posing upside risks by exerting pressure on Iran, Venezuela, and possibly Russia to limit their oil exports and revenues.\"(Reporting by Anjana Anil in Bengaluru; Editing by Paul Simao) ((mailto:Anjana.Anil@thomsonreuters.com;))","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485263471"}