Published On: Tue, Sep 14th, 2021

Bank of America Predicts Oil Could Hit $100 per Barrel in Case of Severe Winter Cold Snap

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Oil prices could top $100 per barrel in the event of a significantly colder-than-usual winter, Bank of America analysts said in a note cited by Reuters. Global crude oil demand could surge by up to 2 million barrels per day (bpd) in the event of a major winter cold snap, which could send oil prices past the $100 per barrel mark, Bank of America analysts wrote in the Sept. 10 note, according to Reuters. While the analysts predicted that Brent crude prices would be around $70 per barrel through the end of this year, growing upside risks push this up to $75 per barrel by the end of the year. Noting downside risks to the outlook, such as a “COVID-19 wave, taper tantrum, a China debt crisis, and the return of Iranian crude barrels,” the analysts wrote that “winter weather risk is quickly becoming the most important driver of energy …

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