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In the face of persistent pricing weakness, Credit Suisse is the latest firm to lower its crude oil pricing forecast for 2016 and beyond.
Credit Suisse is now calling for average WTI crude prices of $30/bbl in Q1 of 2016, $38/bbl for 2016 as a whole and $54/bbl for 2017.
Perhaps most importantly for oil bulls, the firm believes that the worst-case scenario for oil prices still eventually puts them at $60/bbl.
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“Even in the bear scenario, we believe prices will converge back to the $60/b levels required to grow American shale in the next few years,” Credit Suisse analyst Jan Stuart explains. The bear-case scenario includes a global economic downturn that would push oil demand growth to about 1.0 percent in 2016 and zero in 2017.
Conversely, Stuart notes that the firm’s bull-case scenario puts WTI prices as high as $75/bbl in 2017 on robust demand growth and lower OPEC production growth.
The United States Oil Fund LP (ETF) (NYSE: USO) is already down 16.7 percent so far in 2016.
Disclosure: the author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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