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CommoditiesMedium•28 June 2026•

1 min read

McGlone Sees WTI Crude Falling to $40 on Supply Glut

Key Facts

1Bloomberg Intelligence strategist Mike McGlone sees WTI crude falling to $40 a barrel due to growing supply glut and improving technology.

In a development highlighting persistent supply pressures on oil markets, Bloomberg Intelligence strategist Mike McGlone predicted WTI crude could fall to $40 a barrel. McGlone attributed the forecast to rising global production and technological improvements accelerating a supply glut in the Western Hemisphere, according to a Bloomberg report.

The bearish outlook comes as inventory data shows weakening demand. The American Petroleum Institute reported a crude stock draw of just 0.765 million barrels on June 23, far smaller than the prior week's 8.33 million barrel decline. Meanwhile, Canadian inflation accelerated to 3.2% in May, above forecasts, adding pressure on commodity prices.

Traders are watching this week's speech by Federal Reserve Governor Christopher Waller on June 22, along with official U.S. energy inventory data, for demand signals. OPEC+ meetings also remain a key focus, as any production decisions could influence the path toward the $40 target.