Energy CEOs: Brent could reach $150 as inventories drain

ExxonMobil senior vice president Neil Chapman, Chevron CEO Mike Wirth and Abu Dhabi National Oil Company CEO Sultan al-Jaber have warned Brent crude could reach about $150 a barrel within weeks as global oil inventories decline and physical supply shortages approach. Chapman projected Brent could “spike to $150 or $160” at a Bernstein conference.

The International Energy Agency reported observed global inventories fell by roughly 246 million barrels across March and April. Brent traded near $94 after rebounding off the lower edge of a rising price channel and reclaiming the 100-day exponential moving average.

Options data for the United States Brent Oil Fund show the put-call volume ratio fell from 0.20 on May 22 to about 0.08, while the open interest ratio eased from 0.16 to roughly 0.14. Those changes reflect a decline in put volume relative to calls in recent weeks.

Technically, Brent must clear the 20-day exponential moving average, near $99, to extend the recent rebound. A prior reclaim of that line on May 11 preceded a 9% rise; a similar reclaim on April 21 came before a 17% gain. Measured from an April swing, a repeat of the March–May rally would target about $119, with further extensions near $137 and $167. The $150 area Chapman cited sits between those extensions.

A hidden bullish divergence in the relative strength index-where price made a higher low while the RSI made a lower low-appeared before the earlier 33% rally. A separate technical risk is that the 20-day EMA is closing on the 50-day EMA; a crossover would be a bearish signal and could weaken near-term price prospects. Failure to reclaim the $99 level would likely leave Brent near the channel floor.

Wirth pointed to U.S. distillate stocks at their lowest levels since 2003 and reported rationing in some Asian markets, noting June and July as critical months for product and crude availability. Al-Jaber warned full flows through the Strait of Hormuz may not return before 2027. Chapman projected markets are weeks away from inventory levels rarely seen in recent years.