JPMorgan says $185 oil is in view if Russian supply hit persists | Markets – Gulf News

JPMorgan says $185 oil is in view if Russian supply hit persists | Markets – Gulf News

Brent crude could end the year at $185 a barrel if Russian supply continue to be disrupted, JPMorgan Chase & Co wrote in a note Thursday.

Oil prices have skyrocketed, with Brent crude approaching $120 earlier Thursday as traders shun Russian oil after Moscow invaded Ukraine. U.S. President Joe Biden is facing calls to ban Russian imports of energy but so far has not imposed full blown sanctions on oil. VDO.AI

Currently, 66% of Russian oil is struggling to find buyers, JP Morgan analysts including Natasha Kaneva said in the note.

In the short term, the scale of the supply shock is so large that oil prices need to reach and stay at $120 a barrel for months to incentivize demand destruction, the analysts said, assuming there would be no immediate return of Iranian crude barrels.

"As sanctions have widened and the shift to energy security takes on an urgent priority, there will likely be ramifications for Russian oil sales into Europe and the US, potentially impacting up to 4.3 million barrels per day," the analysts wrote.

Good morning, Happy Friday! ☺

Good morning, Happy Friday! ☺

Between the four day session week and no holidays or snow days this week, it seems like it’s really dragging on. But alas it’s Friday.

We are at around 10 degrees this morning under mostly cloudy skies πŸŒ₯. Another kind of cold start to the morning but it’s expected to warm up quickly and reach the mid 30s later on. Which is cold for modern day standards for April but it could be colder for sure. πŸ’¦ Rain and the mid 60s come Sunday.

Taking the earlier express downtown 🚍, looking at the local gas station prices β›½, highest they’ve been since the 2008 price hike. Doesn’t seem like it is slowing congestion much. $4.19 a gallon with diesel a jaw dropping $4.85. California prices. I wonder how bad it is in Pennsylvania. To be fair, I’m making significantly more money then when I was just out of college πŸŽ“ but those prices still are pretty jaw dropping.

I’m somewhat surprised how few of the government workers are wearing muzzles 😷 inside the Concourse. I guess the pandemic is over in the minds of the politicians. I know I’m not ready to give up my muzzle just because I kind of like not getting colds. But then again I’m super spoiled as my muzzles aren’t just ordinary face diapers but at those comfortable masks made by no other than the famous Lynne Jackson.

Walking 🚢 the Plaza is rather cold this morning but I don’t like walking inside with the muzzle on. Plus I figure exposure to the cold air is good for the health 🍏 but I’m still looking forward to the spring. 🌸 I know the long range continues to suggest a cold mid March but at some point things will warm-up. Spring is coming the sun angle is getting stronger every day. β˜€ There is hope or so I tell myself.