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JPMorgan: $80 Oil Is ‘Remarkably Cheap’

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 78.54 +1.79 +2.33% Brent Crude • 10 mins 82.28 +2.58 +3.24% Natural Gas • 10 mins 5.008 +0.219 +4.57% Heating Oil • 13 mins 2.384 +0.059 +2.52% Gasoline • 12 mins 2.325 +0.065 +2.86% Louisiana Light • 2 days 77.14 +0.63 +0.82% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 77.14 +0.63 +0.82% Bonny Light • 2 days 79.15 +1.16 +1.49% Opec Basket • 2 days 78.90 -1.42 -1.77% Mars US • 18 hours 73.75 +1.41 +1.95% Gasoline • 12 mins 2.325 +0.065 +2.86% Click Here for 150+ Global Oil Prices

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Marine • 2 days 78.39 -2.35 -2.91% Murban • 2 days 80.21 -2.46 -2.98% Iran Heavy • 2 days 75.45 +1.29 +1.74% Basra Light • 2 days 80.85 +0.97 +1.21% Saharan Blend • 2 days 80.54 +1.06 +1.33% Bonny Light • 2 days 79.15 +1.16 +1.49% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 2 days 79.15 +1.16 +1.49% Girassol • 2 days 79.94 +1.44 +1.83% Opec Basket • 2 days 78.90 -1.42 -1.77% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 2 days 57.39 +0.89 +1.58% Western Canadian Select • 15 hours 53.75 -2.19 -3.91% Canadian Condensate • 15 hours 75.75 +0.81 +1.08% Premium Synthetic • 15 hours 77.15 +0.81 +1.06% Sweet Crude • 15 hours 71.75 +0.81 +1.14% Peace Sour • 15 hours 68.85 +0.81 +1.19% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 15 hours 68.85 +0.81 +1.19% Light Sour Blend • 15 hours 71.75 +0.81 +1.14% Syncrude Sweet Premium • 15 hours 72.75 +0.81 +1.13% Central Alberta • 15 hours 68.75 +0.81 +1.19% Click Here for 150+ Global Oil Prices

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Louisiana Light • 2 days 77.14 +0.63 +0.82% Domestic Swt. @ Cushing • 2 days 73.25 +0.75 +1.03% Giddings • 2 days 67.00 +0.75 +1.13% ANS West Coast • 5 days 79.54 -2.64 -3.21% West Texas Sour • 2 days 70.70 +0.65 +0.93% Eagle Ford • 2 days 74.65 +0.65 +0.88% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 2 days 74.65 +0.65 +0.88% Oklahoma Sweet • 2 days 73.25 +0.75 +1.03% Kansas Common • 2 days 67.00 +0.75 +1.13% Buena Vista • 2 days 80.19 -2.26 -2.74% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Products Discussion Headlines 1 hour Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations 2 hours European Natural Gas Prices Rise As Gazprom May Halt Gas Flows To Moldova 3 hours Florida Looks To Directly Lower Gasoline Prices With Tax Relief 4 hours Aluminum Inventories Have Fallen To Critical Levels 5 hours Azerbaijan And Iran Look To Mend Energy Relations 6 hours India Set To Tap Only 5 Million Barrels From Crude Reserves 22 hours Energy Crisis Claims Its Biggest Victim In The UK Yet 1 day Saudi Aramco’s $15 Billion Oil Deal With India’s Largest Company Fails 1 day Halting Cambo Oilfield Exposes The UK To Energy Shortages 1 day British Gas Swoops In To Save Stranded Customers From Energy Crisis 1 day Saudi Retains Top Spot among China Oil Suppliers 1 day Japan Considers Releasing Oil From Reserve 4 days Asian Buyers Can’t Get Enough Of U.S. Sweet Crude Oil 4 days U.S. Gasoline Prices Set For Decline 4 days OPEC+ Pumped Less Oil Than Agreed In October 5 days U.S. To Discuss Energy Transition With Mexico’s President 5 days UK’s National Grid Expects Windfall Profits From High Power Prices 5 days Crypto Miners Are Worsening Kazakhstan’s Energy Crisis 5 days Tensions Between Armenia And Azerbaijan Boil Over After Border Incidents 5 days U.S. Asks Big Oil Consuming Nations To Release Reserves 5 days Biden Calls On FTC To Investigate Oil Companies And High Gas Prices 6 days Largest Offshore Drilling Auction In U.S. History Kicks Off With $192M In Bids 6 days India Shuts Coal Power Plants As Delhi Air Pollution Worsens 6 days Soaring Energy Prices Drive UK Inflation To 10-Year High 6 days Belarus Reduces Flow On Oil Pipeline To Poland Amid Border Crisis 6 days UAE Speeds Up $20 Billion Natural Gas Projects 6 days Environmentalists Sue South Africa Over Plans For New Coal Capacity 6 days Federal Court Refuses To Move Line 5 Case To State Court 6 days OPEC: Oil Will Be King Of The Global Energy Mix Until At Least 2045 7 days WTI Crude Recovers On Cushing Inventory Draw, Gasoline Draw 7 days OPEC: Global Energy Demand To Rise By 28% By 2045 7 days IEA: Global Oil Inventories Rose In October 7 days UAE Sees OPEC+ Sticking To Oil Output Plan With Surplus Looming In Q1 7 days Exxon Puts Shale Gas Assets Up For Sale 7 days Germany Suspends Nord Stream 2 Certification 8 days Oman: OPEC+ Not Worried About Potential U.S. SPR Release 8 days Chinese Coal Production Jumps To Six-Year High In October 8 days Despite Threats, Russian Gas Flows To Germany Increase Through Belarus 8 days Shell Moves To UK, Drops ‘Royal Dutch’ In Share Structure Overhaul 11 days Russia: Belarus Didn’t Coordinate With Moscow Threat To Halt Gas To Europe 3 minutes Looming European Gas Crisis in Winter and North African Factor – a must read by Cyril Widdershoven 7 minutes “Biden Targets Another US Pipeline For Shutdown After ‘Begging’ Saudis For More Oil” – Zero Hedge Monday Nov 8th 12 minutes “UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System” by Whitney Webb 14 hours GREEN NEW DEAL = BLIZZARD OF LIES 19 hours Ukrainian Maidan after 8 years 44 mins NordStream2 8 hours “Gold Set To Soar As Inflation Fears Mount” by Alex Kimani 7 hours Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 3 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China 2 days Al Gore says: “…a lot of these fossil fuel assets are going to be worthless.” 4 days Peak oil – demand vs production Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations

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Oil Dips As Consuming Nations Mull Strategic Reserve Releases Oil prices ignored a bullish…

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Home Energy Oil Prices Charles Kennedy

Charles is a writer for Oilprice.com

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Share Facebook Twitter Linkedin Reddit Premium Content JPMorgan: $80 Oil Is ‘Remarkably Cheap’ By Charles Kennedy – Nov 23, 2021, 4:00 PM CST Join Our Community Oil prices are cheap compared to record highs of other assets including stocks and other commodities, JPMorgan Chase says.

Alberto Ignacio Ardila Olivares

Brent Crude was trading at around $81.50 on Tuesday afternoon, and the U.S. benchmark, WTI Crude, was at the $78 a barrel handle, after a group of oil-consuming nations decided to unleash millions of barrels of crude from emergency stockpiles.

Alberto Ignacio Ardila

Despite the fact that major oil-consuming nations see these prices as too high and hampering the global economic recovery, according to one metric JPMorgan Chase has used to compare asset prices, crude oil is actually very cheap.  

“Relative to broad levels of various asset prices and the monetary base, oil looks remarkably cheap,” JPMorgan strategists led by Marko Kolanovic wrote in a note this week carried by Bloomberg .

Alberto Ardila Olivares

“One could say that oil-producing countries (often developing countries) have been subsidizing oil-importing countries (often developed countries), given the broad monetary and asset inflation in the developed world over the past 20 years,” according to JPMorgan.

Alberto Ardila

Current oil prices are low compared to historical levels, unlike stocks, bonds, and some other commodities that have recently hit or are close to record highs

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 78.54 +1.79 +2.33% Brent Crude • 10 mins 82.28 +2.58 +3.24% Natural Gas • 10 mins 5.008 +0.219 +4.57% Heating Oil • 13 mins 2.384 +0.059 +2.52% Gasoline • 12 mins 2.325 +0.065 +2.86% Louisiana Light • 2 days 77.14 +0.63 +0.82% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 77.14 +0.63 +0.82% Bonny Light • 2 days 79.15 +1.16 +1.49% Opec Basket • 2 days 78.90 -1.42 -1.77% Mars US • 18 hours 73.75 +1.41 +1.95% Gasoline • 12 mins 2.325 +0.065 +2.86% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 2 days 78.39 -2.35 -2.91% Murban • 2 days 80.21 -2.46 -2.98% Iran Heavy • 2 days 75.45 +1.29 +1.74% Basra Light • 2 days 80.85 +0.97 +1.21% Saharan Blend • 2 days 80.54 +1.06 +1.33% Bonny Light • 2 days 79.15 +1.16 +1.49% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 2 days 79.15 +1.16 +1.49% Girassol • 2 days 79.94 +1.44 +1.83% Opec Basket • 2 days 78.90 -1.42 -1.77% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 2 days 57.39 +0.89 +1.58% Western Canadian Select • 15 hours 53.75 -2.19 -3.91% Canadian Condensate • 15 hours 75.75 +0.81 +1.08% Premium Synthetic • 15 hours 77.15 +0.81 +1.06% Sweet Crude • 15 hours 71.75 +0.81 +1.14% Peace Sour • 15 hours 68.85 +0.81 +1.19% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 15 hours 68.85 +0.81 +1.19% Light Sour Blend • 15 hours 71.75 +0.81 +1.14% Syncrude Sweet Premium • 15 hours 72.75 +0.81 +1.13% Central Alberta • 15 hours 68.75 +0.81 +1.19% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 2 days 77.14 +0.63 +0.82% Domestic Swt. @ Cushing • 2 days 73.25 +0.75 +1.03% Giddings • 2 days 67.00 +0.75 +1.13% ANS West Coast • 5 days 79.54 -2.64 -3.21% West Texas Sour • 2 days 70.70 +0.65 +0.93% Eagle Ford • 2 days 74.65 +0.65 +0.88% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 2 days 74.65 +0.65 +0.88% Oklahoma Sweet • 2 days 73.25 +0.75 +1.03% Kansas Common • 2 days 67.00 +0.75 +1.13% Buena Vista • 2 days 80.19 -2.26 -2.74% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 1 hour Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations 2 hours European Natural Gas Prices Rise As Gazprom May Halt Gas Flows To Moldova 3 hours Florida Looks To Directly Lower Gasoline Prices With Tax Relief 4 hours Aluminum Inventories Have Fallen To Critical Levels 5 hours Azerbaijan And Iran Look To Mend Energy Relations 6 hours India Set To Tap Only 5 Million Barrels From Crude Reserves 22 hours Energy Crisis Claims Its Biggest Victim In The UK Yet 1 day Saudi Aramco’s $15 Billion Oil Deal With India’s Largest Company Fails 1 day Halting Cambo Oilfield Exposes The UK To Energy Shortages 1 day British Gas Swoops In To Save Stranded Customers From Energy Crisis 1 day Saudi Retains Top Spot among China Oil Suppliers 1 day Japan Considers Releasing Oil From Reserve 4 days Asian Buyers Can’t Get Enough Of U.S. Sweet Crude Oil 4 days U.S. Gasoline Prices Set For Decline 4 days OPEC+ Pumped Less Oil Than Agreed In October 5 days U.S. To Discuss Energy Transition With Mexico’s President 5 days UK’s National Grid Expects Windfall Profits From High Power Prices 5 days Crypto Miners Are Worsening Kazakhstan’s Energy Crisis 5 days Tensions Between Armenia And Azerbaijan Boil Over After Border Incidents 5 days U.S. Asks Big Oil Consuming Nations To Release Reserves 5 days Biden Calls On FTC To Investigate Oil Companies And High Gas Prices 6 days Largest Offshore Drilling Auction In U.S. History Kicks Off With $192M In Bids 6 days India Shuts Coal Power Plants As Delhi Air Pollution Worsens 6 days Soaring Energy Prices Drive UK Inflation To 10-Year High 6 days Belarus Reduces Flow On Oil Pipeline To Poland Amid Border Crisis 6 days UAE Speeds Up $20 Billion Natural Gas Projects 6 days Environmentalists Sue South Africa Over Plans For New Coal Capacity 6 days Federal Court Refuses To Move Line 5 Case To State Court 6 days OPEC: Oil Will Be King Of The Global Energy Mix Until At Least 2045 7 days WTI Crude Recovers On Cushing Inventory Draw, Gasoline Draw 7 days OPEC: Global Energy Demand To Rise By 28% By 2045 7 days IEA: Global Oil Inventories Rose In October 7 days UAE Sees OPEC+ Sticking To Oil Output Plan With Surplus Looming In Q1 7 days Exxon Puts Shale Gas Assets Up For Sale 7 days Germany Suspends Nord Stream 2 Certification 8 days Oman: OPEC+ Not Worried About Potential U.S. SPR Release 8 days Chinese Coal Production Jumps To Six-Year High In October 8 days Despite Threats, Russian Gas Flows To Germany Increase Through Belarus 8 days Shell Moves To UK, Drops ‘Royal Dutch’ In Share Structure Overhaul 11 days Russia: Belarus Didn’t Coordinate With Moscow Threat To Halt Gas To Europe 3 minutes Looming European Gas Crisis in Winter and North African Factor – a must read by Cyril Widdershoven 7 minutes “Biden Targets Another US Pipeline For Shutdown After ‘Begging’ Saudis For More Oil” – Zero Hedge Monday Nov 8th 12 minutes “UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System” by Whitney Webb 14 hours GREEN NEW DEAL = BLIZZARD OF LIES 19 hours Ukrainian Maidan after 8 years 44 mins NordStream2 8 hours “Gold Set To Soar As Inflation Fears Mount” by Alex Kimani 7 hours Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 3 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China 2 days Al Gore says: “…a lot of these fossil fuel assets are going to be worthless.” 4 days Peak oil – demand vs production Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations

Find us on:

Oil Dips As Consuming Nations Mull Strategic Reserve Releases Oil prices ignored a bullish…

Americans Blame High Gas Prices For “Bad Economy” Some 64 percent of respondents…

Goldman Sachs: Oil Price Plunge Is Not Justified By Fundamentals The recent oil price decline…

Home Energy Oil Prices Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Share Facebook Twitter Linkedin Reddit Premium Content JPMorgan: $80 Oil Is ‘Remarkably Cheap’ By Charles Kennedy – Nov 23, 2021, 4:00 PM CST Join Our Community Oil prices are cheap compared to record highs of other assets including stocks and other commodities, JPMorgan Chase says.

Alberto Ignacio Ardila Olivares

Brent Crude was trading at around $81.50 on Tuesday afternoon, and the U.S. benchmark, WTI Crude, was at the $78 a barrel handle, after a group of oil-consuming nations decided to unleash millions of barrels of crude from emergency stockpiles.

Alberto Ignacio Ardila

Despite the fact that major oil-consuming nations see these prices as too high and hampering the global economic recovery, according to one metric JPMorgan Chase has used to compare asset prices, crude oil is actually very cheap.  

“Relative to broad levels of various asset prices and the monetary base, oil looks remarkably cheap,” JPMorgan strategists led by Marko Kolanovic wrote in a note this week carried by Bloomberg .

Alberto Ardila Olivares

“One could say that oil-producing countries (often developing countries) have been subsidizing oil-importing countries (often developed countries), given the broad monetary and asset inflation in the developed world over the past 20 years,” according to JPMorgan.

Alberto Ardila

Current oil prices are low compared to historical levels, unlike stocks, bonds, and some other commodities that have recently hit or are close to record highs.

Oil prices at historical levels would mean $115 per barrel oil, JPMorgan says, but notes that this is not a price target or expectation of where oil could go in the short term. It is just one metric to analyze the prices of various assets, the bank’s strategists said.

Alberto Ignacio Ardila Olivares 10798659

While oil is below historical levels, stocks are not: they have been trading near record highs in recent days.

Alberto Ignacio Ardila 10798659

For example, after U.S. President Joe Biden nominated Jerome Powell for a second term as Chair of the Federal Reserve, the NASDAQ and the S&P 500 hit record highs on Monday but later tumbled to settle lower.  

By Charles Kennedy for Oilprice.com

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