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Page added on April 12, 2022

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BofA Research Maintains $100+ Oil Forecast

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BofA Global Research is maintaining its $102 per barrel average Brent crude oil price forecast for 2022 and 2023, a new report from the company has revealed.

In the BofA Global Research report, which was sent to Rigzone, the company outlined that it had lowered its summer spike price for Brent to $120 per barrel but reiterated that the structural problems of the oil market have not changed and said a bigger spike cannot be ruled out.

“On the one hand, spare capacity across OPEC continues to decline and now sits at around 2.5 million barrels per day, reducing the buffer to deal with additional shocks,” the BofA Global Research report noted.

“Moreover, as governments and commercial entities alike have rushed to tap into their inventories, the crude stocks to use ratio has dropped to the lowest level in decades, possibly ever,” the report added.

The company highlighted in the report that the release of strategic government oil stocks and the rolling Covid-19 lockdowns in China had altered the oil price trajectory the company had published in early March and brought oil prices lower.

“The spike in petroleum prices in 1Q22 may have temporarily dented demand for oil too,” the BofA Global Research report stated.

“Yet governments are rushing to reduce energy taxes, provide subsidies, and open up strategic reserves. These measures suggest any price-driven demand slump could be short-lived,” the report added.

“And since stockpiles may need to be replenished, Strategic Petroleum Reserve releases should have a neutral impact on oil prices over 24 months. Also, China’s mobility pullback will eventually end, and a surge in global ‘revenge travel’ demand is still underway,” the BofA Global Research report continued.

The price of Brent crude has fluctuated in recent weeks, closing at $97.93 per barrel on February 25, $127.98 per barrel on March 8, $98.02 per barrel on March 16, $121.6 per barrel on March 23, and $98.48 per barrel on April 11.

At the time of writing, the price of Brent crude stood at $102.53 Per barrel. On April 12, 2021, the price of Brent crude closed at $63.28 per barrel.

rigzone



7 Comments on "BofA Research Maintains $100+ Oil Forecast"

  1. EverythingIsALie on Thu, 14th Apr 2022 7:56 am 

    Free electricity exist. GOD would probably be happy to provide it to you. There is no way this thing below push out 3 Amp. I have a big transformer that is one inch by one inch by one inch that only do 5 volt DC and 600 ma. We are being lie about everything.

    https://www.aliexpress.com/item/1005003473314475.html

    RECORD COLD HITS DENVER, LAKE TAHOE, SEATTLE AND ELSEWHERE; MINNESOTA’S “EPIC” WATERFALLS AFTER HISTORIC WINTER SNOW; + UKRAINE’S BELOW-AVERAGE MARCH

    https://electroverse.net/record-cold-hits-denver-lake-tahoe-seattle-and-elsewhere-minnesotas-epic-waterfalls-ukraines-below-average-march/

  2. InsectoidEverwhereYouLook on Thu, 14th Apr 2022 8:52 am 

    Insectoid at 0:47. Typical insectoid body with small legs and small arms and brown skin of course.

    https://www.youtube.com/watch?v=al8FxWk7r54

    Pattaya the whore house of the world. This could have never happen in Whites western nations. 0:37 video above

  3. InsectoidEverwhereYouLook on Thu, 14th Apr 2022 9:30 am 

    Insectoid 1:12. Long skinny arms and legs, a bit like a wasp with long and tinny legs.

    https://www.youtube.com/watch?v=iHHKdZ-Tx_M

  4. IWouldNotReincarnateOnEarthEvenAgain on Thu, 14th Apr 2022 2:03 pm 

    I like to play with earth reality. New animal, new vegetation and new two legged insectoid/reptiloid reality.

    Since Pattaya Thailand has been turn3d into the whore house of the world, we need to improve on this reality. Let’s make obvious to the world that Pattaya is the whore house of the planet earth. From now on, it will be expected to see in front of gogo bar, women in underwear, or g string underwear. Let’s make Pattaya the best whore house of the whole planet. We can make it together.

    I saw a women with reptilian eyes, the type vertical slit, in my neighborhood. Insectoid or reptiloid is the same for me.

    I had a discussion with the sex spirit last night. I was not sure if it was a dream, or if I was in another dimension talking to some GOD. I felt I was not on earth. It did felt like a dream but I am not sure

  5. IWouldNotReincarnateOnEarthEvenAgain on Thu, 14th Apr 2022 2:15 pm 

    3:16 insectoid/reptiloid hands

    https://www.youtube.com/watch?v=8V4-rhbI82w

  6. Dredd on Fri, 15th Apr 2022 6:32 am 

    “Parts is parts” (Quantum Biology – 5).

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