EnergyWatch

Strategist claims better times ahead for oil companies on mysterious market

Q2 was tough on the major oil companies, which can now look forward to rising prices, an assessment maintained by Jan Bylov, oil strategist at Danish bank Jyske Bank. The assessment holds despite major geopolitical uncertainties on a market where many are wondering why stockpiles have not diminished.

Major oil companies have had tough conditions in recent months, but now coming price increases may accelerate business. Photo: Charlie Riedel / AP / Ritzau Scanpix

Oil prices will surge throughout the remaining year, and Brent will peak in Q1 2020 with a price of about USD 80, forecasts Jan Bylov, oil strategist at Danish bank Jyske Bank. A forecast that is, however, threatened by trade conflict and geopolitical risks.

If projections hold true, there are naturally better times ahead for oil companies, which have otherwise been challenged in Q2. This is clearly evident in the financial reports of giants like Total, Eni, Shell and ExxonMobil. All booked losses on the bottom lines, and all pointed to lower oil and gas prices as the explanation.

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