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<Research>UBS Raises 2H24 Oil Price Forecasts, Still Prefers 3 Major Oil Stocks
Recommend 28 Positive 71 Negative 31 |
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UBS reported that the Brent oil price was flat MoM at US$83 per barrel in June. The broker raised its oil price forecast for 2H24, from US$84 to US$86 per barrel in 3Q and from US$81 to US$83 per barrel in 4Q. The report pointed out that a huge supply deficit of 1.4 million barrels per day is expected in 3Q24 and will fall back to 500,000 barrels per day in 1Q25 due to a seasonal drop in demand as oil demand rebounds seasonally and supply growth remains limited. In addition, OPEC+ announced on 2 June that it was phasing out voluntary production cuts, but UBS forecasted that it would first resume production raise in 2Q25. UBS still preferred and recommended the 3 major oil stocks i.e. CNOOC (00883.HK), PETROCHINA (00857.HK) and SINOPEC CORP (00386.HK), as OPEC+ production cuts could support oil prices in 3Q24. AAStocks Financial News |
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