• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 22 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 17 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 23 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 2 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 20 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 13 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.

Breaking News:

WTI Crude Hits Highest Level In 7 Years

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

Another Investment Bank Is Betting On $100 Oil

Crude oil could hit $100 and top it, and this could happen before this year’s end, according to Craig Johnson from investment bank Piper Sandler.

Speaking to CNBC, Johnson said, “I could actually see a number that could be north of 100 in the next, say, six to ... 12 months from here,” noting the still strong upside potential of crude. “To us, it looks like you could have more than 40% upside to get back to the old highs in 2018”.

Johnson joins other financial professionals in their upbeat predictions for crude oil prices, largely driven by the $1.9-trillion economic stimulus package that Congress approved last week. That is widely expected to jumpstart the U.S. economy, boosting oil demand.

Global demand recovery is also a factor in these bullish oil price forecasts even if this recovery has been uneven, strongest in Asia and most notably China but slow to return to pre-pandemic levels in other key markets.

Then there is the supply side. OPEC+ has decided to keep its 7.2-million-bpd production cuts, which recently drove Brent over $70 a barrel, albeit briefly. If the cartel continues to limit production, the global oil market will swing into a deficit of some 3.5-3.6 percent of demand, according to Princeton Energy Advisors. And this deficit has the genuine potential to drive oil price closer to $100.

Yet nothing is certain, even with improving demand. China’s oil storage space is filled to capacity, according to reports. In India, another major driver of global demand, fuel prices have gone so high they are dampening demand. And the country is already looking for alternative suppliers to the Middle Eastern members of OPEC because current prices are too high for it.

Not all forecasters are so bullish, however. A recent Reuters poll revealed a consensus price projection of $59.07 a barrel for Brent crude. Individual forecasts vary from $50-70 over the next five years, according to Bank of America, to $67 a barrel this year, according to Barclays, and $75 by the third quarter, according to Goldman Sachs.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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