WTI to average around $60/ barrel in 2021 – BofA
|Brent and WTI to average $63/bbl and $60/bbl, respectively, in 2021, analysts at Bank of America Global Research (BofA) said in their latest client note.
Key quotes
“Our supply and demand forecasts suggest a 1.3mn b/d deficit in 2021 followed by a 170k b/d surplus in 2022.”
“We forecast global demand will rebound nearly 6mn b/d YoY in 2021 after falling 8.7mn b/d in 2020.”
“During 2021-23, we forecast demand will grow by more than 9mn b/d, the fastest pace since the 1970s.”
“Non-OPEC supply should grow more than 1 mn b/d YoY in 2021 and an additional 2mn b/d in 2022.”
“We project US supply to grow less than 200k b/d in 2021 and more than 1 mn b/d in 2022 thanks in part to robust NGL volumes.”
“OPEC supplies are set to rise 800k b/d in 2021 and 2.1 mn b/d in 2022 and OPEC+ adds back supply and as Iran returns.”
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