Salient to Investors:

Miswin Mahesh and Michael Cohen at Barclays said:

  • OPEC will not cut supplies sufficiently to overcome a lackluster demand picture half1 2015 – Brent will average $93 and WTI will average $85 in 2015.
  • Oil has reached its lowest point for 2014 but will recover modestly during Q4 as the oversupply temporarily diminishes.
  • The supply glut will accumulate again in 2015 amid booming US shale output.
  • Brent will drop to $89 and WTI will drop to $81 in Q4 2014, but Brent will rebound in half2, 2015 to above $100.

Jeffrey Currie et al at Goldman Sachs cut 2015 oil forecasts, saying OPEC is losing its pricing power – Brent will average $85 and WTI $75 in Q1 2105.

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