Scotiabank analysts turn cautious on crude prices

News Snapshot:

Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow The energy research team at Scotiabank has turned cautious on crude prices, “We believe the global oil market will face near-term pressures from a supply and demand perspective in 1Q24. We think macro picture will begin to improve by 2Q and reach the high end in 3Q24 before moderating in 4Q24. Thus, macro headwinds construe near-term risk to the downside in 1H24 with S&D tailwinds increasing upside risks in the second half of the year. Longer-term, we continue to forecast relatively flat demand growth for...