On Brent, forecast to approximately $70/bbl in 2021 (from their previous projection of approximately $66.50/bbl)
- $69/bbl in 2022 (from $68/bbl)
- ‘long term’ forecast to $62/bbl (from $60/bbl)
On WTI oil
- approx $67/bbl in 2021, from circa $62/bbl
- $66/bbl in 2022 (from $63/bbl)
- long term $59/bbl (from $55/bbl)
In very brief (from a longer note) CS say:
- Bottom Line: We are raising our Brent and WTI price forecasts since supply/demand fundamentals continue to improve
- While demand continues to surprise to the upside. OPEC + and US E&Ps have shown strong discipline.
- As global crude oil stocks draw in 2H21, we see support of higher crude oil prices