Citi sees significant oil glut going forward, Brent up to $55/bbl

A Citi note on oil on Wednesday (overshadowed by CPI and Fed news) paints a not-so-pretty picture for oil bulls.

• Brent crude estimated at $74/bbl in Q4
• Opening in 2025 at $65/bbl
• 2025 Q2 and Q3 to $60
• ends 2025 at $55
• Prices for WTI are lower by about $4/bbl

Quoting:

• sees global oil stocks moving into ‘significant surplus’ even as OPEC+ extends output cuts until end-2025
• will be even worse if the cartel reverses some of the cuts, Citi says a ‘very large surplus’ will follow

More here.