JPMorgan warns of oil glut as Strait of Hormuz disruptions ease and prices fall
By
Hillary Remy
21h ago· 5 min readenInsight
Summary
JPMorgan's commodities research team, led by Natasha Kaneva, warns that the oil market is shifting from a supply shortage to a potential glut. Oil prices have fallen from $107/barrel in May to around $68/barrel in July, as Strait of Hormuz shipping disruptions have eased and previously rerouted barrels flood back into the market. The note highlights the risk of a temporary oversupply as geopolitical tensions that had driven prices higher subside.
Source
bskyJPMorgan warns of oil glut as Strait of Hormuz disruptions ease and prices fallbit.lyKey quotes
· 3 pulledThe market is facing the risk of a temporary
Oil was at $107 a barrel in May. Tankers were sailing thousands of miles out of their way.
JPMorgan's commodities team is now warning about too much oil, not too little.
Oil was at $107 a barrel in May.
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