Brent Oil may trade as high as $100/bbl in the depth of winter – TDS

FXStreet Insights Team FXStreet

WTI and Brent are over $81/bbl and 84/bbl, respectively. According to strategists at TD Securities, the bull run is not over, Brent Oil could soar as high as $100/bbl.

Extra call on petroleum products due to the energy crisis in Asia and Europe

“We project that the world will see a deficit in the last three months of 2021 and likely in early winter months of 2022.”

“With distillate product inventories at below the five-year average and significantly below normal natural gas stocks in Europe and Asia, an unusually cold winter can significantly increase the call on petroleum products which could see Brent, at least for a time, hit $100+/bbl, along with strength in fuel oils.”

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