Brent will range between $71 and $93 in 2024 – Rabobank

2024 is shaping up to be a battleground for the direction of energy markets. In the view of strategists at Rabobank, 2024 will be a muddled year, but the long-term price ranges are upward. 

The trends are bearish for Q1 and Q2

We find most energy markets to be balanced to slightly oversupplied, but asymmetric risks stem from the fundamentals and geopolitical issues that create many upside possibilities.

Overall, the trends are bearish for Q1 and Q2, with more positive price outlooks for Q3 and Q4 of 2024.

Brent will range between $71 and $93 in 2024, most likely averaging around $79 compared to $82 in 2023.