After meltdown: DNB projects higher oil price in 2016

Following what shipping bank DNB describes as a meltdown in the oil market, the bank in a new report projects that the demand for gasoline along with several unknown factors will lead to rising oil prices during 2016.

Photo: /ritzau/Jacob Ehrbahn

In the wake of what the Norwegian shipping and offshore bank DNB characterizes as a meltdown in the oil market in 2015, there are better days ahead in 2016 - in fact, the prospects look so good that the USD 38 per barrel oil price in the first quarter will climb to USD 50 in the second quarter before hitting USD 65 in the fourth quarter this year, according to the bank's latest oil report, which does not hide DNB's positive outlook on the oil price development.

"These oil price forecasts are all above the consensus. We want to signal that we are more positive to oil prices than most others. This is what we want our customers to remember in a year’s time when we are summarizing what happened in 2016," notes the bank in the report.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk Product Tankers expects 2022 to be "not an amazing year"

There’s no doubt that 2021 was a miserable year for the global tanker industry. But 2022 could end up strong, many parties say. Maersk Product Tankers is more doubtful. ”2022 won’t be an amazing year,” CEO Christian M. Ingerslev tells ShippingWatch.

Researcher criticizes TotalEnergies' fuel report

TotalEnergies ignores shipping’s climate adaptions in the company’s prognosis for shipping’s future fuel consumption, researcher says in criticism. Among other things, TotalEnergies supports LNG.

OOCL doubles revenue despite significant drop in volumes

Container line OOCL, owned by China’s Cosco, doubled its revenue in 2021, with the top line for Q4 alone surging by 101.4 percent, the carrier says. This major increase happens despite a dive in container liftings during the quarter.

Further reading

Related articles

Latest news

See all jobs