Commodity Market Report

Macro oils short-term outlook: July 2024

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After weakening in early June, with Brent at $75 to $78/bbl during the first week, Brent rose steadily to close out the month at $86-$87/bbl. What is behind the increase? Our latest Monthly Update looks at the supply and demand fundamentals and sees reasons for price support. Highlights this month focus on: • Petrochemical outlook strengthens amidst a tepid global manufacturing recovery • Record US NGLs production drives near term upgrade • Pace of Brazil production growth has eased, leading to a revised baseline for 2024 and 2025 • Short-term forecast extended through 2026

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    Macro Oils Short Term Outlook July 2024 Slidepack.pdf

    PDF 1.57 MB

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    Macro Oils Short Term Outlook July 2024 Data.xlsx

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    Macro Oils Short Term Outlook July 2024 Slide Charts.xls

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    Macro oils short-term outlook: July 2024

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