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- Oil: WTI to trade at $35 in one year - JP Morgan
Oil: WTI to trade at $35 in one year - JP Morgan
FXStreet reports that analysts at JP Morgan Asset Management note that falling demand, sticky supply and limited storage have forced oil producers into a precarious situation.
“Spot oil prices and near-term contracts have turned negative because oil holders are willing to pay investors to take the commodity off their hands to avoid those expenses.”
“The oil futures curve is currently in ‘super contango’ whereby the implied oil price of near-term contract may be very low but the market is implying a price for WTI of $35 a barrel one year from now.”
“It seems safe to say that the pressure of negative oil prices will not be in place forever.”
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