Barclays Raises 2024 Brent Price Forecast by $8 a Barrel
August 31, 2023
Propane inventories built by 3.179 million barrels putting total stocks at 95.465 million barrels. Last year there were 72.231; 23.234 million barrels more. Midwest inventories were up 811,000 barrel putting total stocks at 24.794 and last year there were 21.506; 3.288 million more barrels than last year. Gulf Coast stocks were up 1.573 million barrels putting total stocks at 57.313 million and last year there were 39.752; 17.561 million more barrels.
The DOE inventory report had crude oil stocks down a big 10.58 million barrels putting total inventories at 422.944 and last year they were 418.346 putting stocks 4.598 million more than last year.
Gasoline inventories were down 210,000 barrels putting total stocks at 217.412 and last year there were 214.475 million barrels a 2.937 million barrels surplus year over year.
Distillate inventories were up 1.24 million barrels, putting total stock at 117.923 million barrels and last year there were 111.706 million a 6.217-million-barrel surplus year over year.
Implied demand for gasoline was 9.922 million bpd, up slightly still a good number. Distillate implied demand was 5.01 down just a bit and still a decent demand number.
Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 per barrel as it expects market balances to tighten further next year.