• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 21 mins "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 23 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 7 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 18 hours Australian power prices go insane
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Europeans and Americans are beginning to see the results of depending on renewables.
Oil Prices Dip As Inventories Build Across The Board

Oil Prices Dip As Inventories Build Across The Board

Crude prices fell slightly after…

Razor-Thin Spare Capacity To Keep Oil Prices Elevated

Razor-Thin Spare Capacity To Keep Oil Prices Elevated

Supply disruptions from the Covid-19…

OPEC Crude Oil Exports Trend Lower In September

OPEC Crude Oil Exports Trend Lower In September

Crude oil exports from all…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

A Watershed Moment That Could Send Oil Prices To $100

  • Ninepoint Partners' Eric Nutall: oil prices could reach $100 per barrel in structural multi-year bull market
  • Nutall: The most bullish factor for prices is the exhaustion of OPEC+ spare production capacity

Crude oil prices could reach $100 per barrel, according to Ninepoint Partners portfolio manager Eric Nuttall, the latest to add to a growing number of analysts expecting three-digit oil prices.

“The oil market remains exceptionally tight,” Nuttall told Bloomberg, adding, “When we look at global oil demand, we’re back to pre-COVID levels. So there are strong reasons to believe the market will continue to grow throughout this year as Omicron passes.”

“But the real story remains on supply. I believe we’re in a structural bull market – a multi-year bull market for oil that will end in all-time high oil prices,” Nuttall also said.

The asset manager’s opinion reflects an overall bullish sentiment on the market, as noted by Barron’s in a report from earlier this week, which saw a growing number of traders betting that U.S. crude could hit $100 a barrel.

The report quoted an RBC Capital Markets analyst as saying, “We have yet to encounter a market bear this year, whether on the commodity side, equity investor or with corporate clients.”

“Over the past week, open interest for June 2022 WTI $100 calls has increased by 10%,” Michael Tran also wrote. “Since September, open interest between $105-$150 per barrel strike prices have increased 14 times.”

Goldman Sachs last month also reiterated its bullish stance on oil, with the bank’s head of energy research Damien Courvalin telling media that “We’ve already had record high demand before this newest variant, and you’re adding higher jet demand and the global economy is still growing. You see how we will average a new record high in demand in 2022, and again, in 2023.”

The most bullish factor for prices, however, at least according to Ninepoint Partners’ Nuttall, is the fact that OPEC is running out of spare capacity.

“The exhaustion of OPEC’s spare capacity - so, as they bring on all that spare curtailed volume - is going to be the most bullish, watershed event in this industry in many, many decades.” 

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Hypo Crazy on January 13 2022 said:
    Not long ago you and all your genius experts were telling us oil was finished. They were all wrong. The industry is going to boom this next few years and will be bigger than ever.
  • Lee James on January 14 2022 said:
    I agree that there's reasons for the price of crude going up. Declines in petroleum reserves and increasing cost of production and transport suggest UP.

    Now we will see what Mr. Everyman can afford to pay. Additionally, higher cost to burn oil means alternatives to burning oil become more attractive.

    Scaling up technologically attractive EVs and PV installations is the new clean-energy challenge.

    Nobody really knows how all of this is going to play out. Indications are, despite the challenges, clean energy infrastructure is becoming the main priority though oil is certainly still gushing out of the ground to get tanked and burned. Clean energy is a wish while burning fossil fuel is becomes hold-your-nose to many national and state leaders.

    Interesting times, for sure. Some of the above discussion pales in comparison to what our geopolitical situation might do to the price of a gallon . . . .

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News