Brent Crude Set for $150–$160 as Inventories Plunge, Battalion Oil Soars 7%
BATL•ExxonMobil SVP Neil Chapman projected dated Brent crude could spike to $150–$160 per barrel as global gasoline, diesel and jet fuel inventories approach record lows. Chevron CEO Mike Wirth cited fast-depleting U.S. strategic reserves, while Battalion Oil Corp. shares jumped 7% on oil prices climbing roughly 3%.
1. Executive Forecasts Surge to $150–$160
ExxonMobil Senior Vice President Neil Chapman projected that dated Brent crude could rally to $150–$160 per barrel as global inventories of crude, gasoline, diesel and jet fuel approach unprecedented lows.
2. Strategic Reserves and Supply Risks
Chevron CEO Mike Wirth highlighted rapidly depleting U.S. strategic petroleum reserves alongside ongoing U.S.-Iran conflict and a Strait of Hormuz blockade, warning these factors are likely to push physical crude prices higher in the coming weeks.
3. Battalion Oil Shares Jump on Price Rally
Battalion Oil Corp. shares rose nearly 7% following a broader 3% gain in Brent futures to about $93.59 and a similar increase in WTI to roughly $90.02, reflecting investor response to tightening supply and lofty price forecasts.
