Raises projections by $4 for end 2020:
- Brent to $41 / barrel
- & WTI $37
The analysts express caution in the near term. Improvement in demand ahead depends on the behaviour of consumers - renewed coronavirus concerns will keep driving demand subdued.
Meanwhile, via RBC, a more immediate outlook:
- A sustainable rally needs to include improving gasoline demand, reducing inventories, increasing product margins to the point where refiners kickstart runs,
- US driving patterns are far from normal
