Top oil CEOs say Brent could hit $150 in weeks
Three oil chiefs warned Brent could reach $150 within weeks as global inventories fell about 246 million barrels and physical flows tighten; Brent traded near $94.
ExxonMobil senior vice president Neil Chapman told a Bernstein conference that markets are “weeks away from rarely seen inventory levels,” and projected Brent could spike to $150–$160 per barrel if supplies continue to drain. The International Energy Agency reported observed global inventories fell by about 246 million barrels across March and April.
Chevron CEO Mike Wirth noted U.S. distillate stocks are at their lowest since 2003 and said some Asian markets have already experienced rationing. He added that the physical market does not respond to negotiations and described June and July as critical months for supply. ADNOC CEO Sultan al-Jaber cautioned full flows through the Strait of Hormuz may not resume before 2027, which would delay any quick restoration of lost throughput.
Brent traded near $94 after rebounding off the lower edge of a rising channel the contract has followed since early March and reclaiming the 100-day exponential moving average. The recovery stalled near $94; market participants view a clear move above the 20-day EMA around $99 as necessary to sustain the rally. A cross of the 20-day EMA below the 50-day EMA would create a bearish crossover and could weaken the immediate outlook.
Options market flows show a reduction in bearish bets. The put-call volume ratio on the United States Brent Oil Fund fell from about 0.20 on May 22 to roughly 0.08 in late May, while the open interest ratio eased from about 0.16 to 0.14. That decline in put activity occurred as prices rebounded.
Technical resistance appears at $96 and $101. A move above $101 would place Brent above key moving averages and set an initial target at the 1.0 Fibonacci extension of $119. Further extension levels are $137 at 1.618 and $167 at 2.618; the $150 range referenced by executives lies between those extensions.
Between March and late May, Brent recorded a higher low in price while the relative strength index made a lower low, a hidden bullish divergence that preceded an earlier rally. If Brent fails to reclaim the 20-day EMA or the 20-day crosses below the 50-day, price could return to the channel’s lower trendline. Presently, executives and market positioning reflect concern about tightening physical stocks and constrained flows.
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