Morgan Stanley expects Brent prices to rise to $ 100 a barrel in the second half of this year, with the market heading for a simultaneous “triple deficit” of stocks, surplus capacity and investment.
“The major markets for petroleum products (petrol, jet fuel and petrol / diesel) are all showing a sharp decline and stocks have fallen to low levels. None of this signals weakness,” she said in a note.
The bank raised its Brent crude estimate to $ 100 a barrel for the last two quarters of the year, up from $ 90 and $ 87.50 previously expected for the third and fourth quarters, respectively.
Brent futures traded at $ 88 a barrel, while West Texas Intermediate traded at $ 85.
Morgan Stanley forecasts coincide with those of other investment banks, including Goldman Sachs, which predict that oil prices could reach $ 100 a barrel in 2022.