02/05 Closing Prices / revised 02/06/2025 07:34 GMT | 02/05 OPEC Basket  $77.17 +$0.27 cents | 02/05 Mexico Basket (MME)  $67.24 –$1.36 cents | 12/31 Venezuela Basket (Merey)  $61.13   +$1.55 cents  02/05 NYMEX Light Sweet Crude  $ 71.03   -$1.57 cents | 02/05 ICE Brent  $74.61 +-$1.59 cents  02/05 Gasoline RBOB NYC Harbor  $2.0507 –0.0483 cents 02/05 Heating oil NY Harbor  $2.3842 -0.0456 cents | 02/05 NYMEX Natural Gas  $3.360 +0.107 cents | 01/31 Baker Hughes Rig Count (Oil & Gas)  582 +6 | 02/06 USD/MXN Mexican Peso  $20.6325 (data live) | 02/06 EUR/USD Dollar  $1.0388 (data live) | 02/06 US/Bs. (Bolivar)  $59.46050000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

Energy Markets Await ‘Steady Ground’, RBC Says, Cuts Oil Price Forecast – EnergyNow.ca

EnergyNow.ca

CALGARY
Energiesnet.com 04 12 2023

RBC Capital Markets updates price forecasts for crude oil, natural gas as market continues to assess the impact of OPEC+ surprise production target cut, U.S. bank failures and central bank tightening.

Cuts Brent 2023 price forecast to $88.84/bbl from $95.56/bbl; WTI 2023 forecast to $84.45/bbl from $92.06/bbl.

RBC says while China’s recovery post COVID remains in focus, recessionary fears loom in the background as commodity markets await further signals surrounding global demand strength.

Lowers Henry Hub natural gas outlook to $2.67/mmBtu and $3.75/mmBtu in 2023 and 2024 respectively, driven largely by the impact of higher production on storage balances.

 

RBC notes investor sentiment remains fairly bearish in the European natural gas market “given recent tailwinds of mild weather, demand destruction and ample storage.”29dk2902l

Lowers overall NGL outlook in connection with a lower crude and natural gas forecast.

Several brokerages have updated crude price forecast following OPEC+ decision.

energynow.ca 04 11 2023

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