Global Commodities: Brent at below $80 looks $5-7 oversold—what could act as a catalyst?

Oil experienced a bumpy ride in March as prices plunged mid-month on fears that weakness in the banking system could spark a full-blown recession.  Consequently, 1Q23 will likely close $3/bbl below our forecasted price of $85. Looking at the very near term, Brent at below $80 looks at least $5-7 oversold purely on fundamental reasons. What could act as a catalyst?   Speakers Natasha Kaneva, Head of Global Oil and Commodities Research This podcast was recorded on Mar. 31, 2023. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4370703-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.