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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
By Georgi Kantchev
Oil prices started the week deep in negative territory on expectations that a sustained recovery is still a long way off.
U.S. crude snapped a seven-week losing streak last week after bullish comments by an international energy watchdog. But analysts said they see little evidence that the combination of oversupply and sluggish demand that has pummeled prices since last summer is abating.
Brent crude for March delivery fell 2.2% to about $49 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $47.56 a barrel in recent trade, down 2.3% from Friday's settlement.
Over the weekend, J.P. Morgan became the latest bank to slash its forecast for oil prices this year. The bank cut its average Brent crude price forecast for this year to $49 a barrel from $82, saying that oil prices could trough in March at an average of $38 a barrel.
Oil markets rallied on Friday after the International Energy Agency lowered its forecast for supply increases this year. The agency also said "signs are mounting that the tide will turn" for oil prices in its closely watched monthly market report.
Analysts, however, said the short-term outlook remains bearish.
"Despite a nearly 60% fall in oil prices since mid-2014, oil market balances remain weak, with prospects of a recovery looking dim until the latter months of 2015," Barclays analysts said in a report.
The significant oil surplus, which J.P. Morgan estimates to be 1.6 million barrels a day in the 93 million barrels a day global market, comes on the heels of a boom in U.S. shale oil production. In a bid to protect its market share, the Organization of the Petroleum Exporting Countries has repeatedly declined to cut its own output, which has also added to the global oil glut.
"We see significant oil oversupply with risk that Brent falls below $40 a barrel in the near term should the oil market not be able to accommodate the surplus," J.P. Morgan said.
Investors this week will look to Frankfurt, where the European Central Bank is expected to launch its quantitative easing program. Analysts expect a weaker euro to weigh on dollar-denominated commodities like oil.
Despite the bearish signals, some see light at the end of the crude tunnel.
United Arab Emirates' oil minister Suhail Mohamed Faraj al-Mazrouei said on Monday that low crude oil prices are unlikely to last in the long-term.
"I doubt it is going to last for very long because I'm a believer in sustainable development in the oil sector and that sustainable development cannot be achieved at the current prices," he said.
Nymex reformulated gasoline blendstock for February--the benchmark gasoline contract--fell 0.8% to $1.3479 a gallon, while ICE gas oil for February changed hands at $474 a metric ton, up $1.75 from Friday's settlement.
Eric Yep contributed to this article.
Write to Georgi Kantchev at georgi.kantchev@wsj.com
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