JPMorgan: Brent at $105 Still Needs Further Rise on 2M bpd Shortfall

JPMorgan analyst Natasha Kaneva states Brent at ~$105.40 remains too low, with a ~2 million bpd global shortfall persisting after Iran war supply disruptions escalated from 9.1 million bpd in March to 13.7 million bpd in April. Inventories were drawn by 4.0 million barrels in March and 7.1 million in April, while demand fell 2.8 million bpd and 4.3 million bpd respectively—reflecting shortages over destruction. Earlier updates at $101 echoed the need for higher prices to force consumption cuts in Europe and the U.S., tightening diesel/jet markets ahead of summer driving and lifting gasoline toward $4.05/gal.