The Next Two Months Will Be Critical For Oil Fundamentals.
The Next Two Months Will Be Critical For Oil Fundamentals.
Oil prices kicked off the month with a 3% decline due to unexpected U.S. inventory growth and demand uncertainty. Energy Information Administration data showed a 7.3 million barrel increase, the largest since June. However, global oil and gas outlooks remain optimistic. Standard Chartered analysts anticipate tightening supply and demand, forecasting a 189 million barrel global stock draw in H1-2024. They emphasize May and June as pivotal months for oil fundamentals. OPEC+ is set to convene on June 1 to discuss market conditions. Meanwhile, EU gas inventories have risen, but concerns persist over potential Russian gas sanctions. TotalEnergies CEO predicts LNG price surges if the EU sanctions Russian gas.
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