Rystad Energy Predicts Bullish Trajectory for Oil Prices This Week

SEATTLE (Oil Monster): Rystad Energy, in its latest market update, pointed out that better than expected market fundamentals and expectations of interest rate cuts by the U.S. Fed are anticipated to keep oil prices in a bullish trajectory this week.

According to Claudio Galimberti, Director-Market Analysis at Rystad Energy Global, bullish fundamentals, especially on the refining and crude side, have been the key drivers of most of the price increases. Meantime, the price increase has been driven by secondary factors such as macroeconomic factors and concerns over escalation of conflicts in the Middle East and Ukraine.

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The report pointed out that Brent prices recorded 6% surge in June, adding that July has started on a similar strong note. The downturn in Permian oil output on account of ongoing low activity will lead to reduced U.S. oil production from August onwards. The downward adjustment from August 2024 through December 2025 averages about 200,000 bpd, the report said.

The OPEC+ crude exports recorded decline in June, upon comparison with the prior month. Meantime, official data suggests steady oil exports from the Middle East region and dip in exports from Russia during the month of May this year, Rystad Energy noted.