Oil: Tight market keeps Brent elevated – TD Securities
TD Securities’ commodity strategy team maintains a bullish view on Oil, citing persistent tightness and Strait of Hormuz tensions.
TD Securities’ commodity strategy team remains optimistic about the oil market, citing persistent tightness and tensions in the Strait of Hormuz. They anticipate oil prices to remain above current levels for the next three months, potentially reaching triple-digit prices. The team projects an annual global crude oil deficit of 1.6-2.0 million barrels per day in 2026, as a significant portion of production capacity remains offline.
Furthermore, they expect upside risk for petroleum products due to low inventories and robust demand. TD Commodity Strategy does not foresee the oil market returning to normal until at least December, and their forecasts currently sit at the higher end of the consensus range.
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