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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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A Watershed Moment That Could Send Oil Prices To $100

  • Ninepoint Partners' Eric Nutall: oil prices could reach $100 per barrel in structural multi-year bull market
  • Nutall: The most bullish factor for prices is the exhaustion of OPEC+ spare production capacity

Crude oil prices could reach $100 per barrel, according to Ninepoint Partners portfolio manager Eric Nuttall, the latest to add to a growing number of analysts expecting three-digit oil prices.

“The oil market remains exceptionally tight,” Nuttall told Bloomberg, adding, “When we look at global oil demand, we’re back to pre-COVID levels. So there are strong reasons to believe the market will continue to grow throughout this year as Omicron passes.”

“But the real story remains on supply. I believe we’re in a structural bull market – a multi-year bull market for oil that will end in all-time high oil prices,” Nuttall also said.

The asset manager’s opinion reflects an overall bullish sentiment on the market, as noted by Barron’s in a report from earlier this week, which saw a growing number of traders betting that U.S. crude could hit $100 a barrel.

The report quoted an RBC Capital Markets analyst as saying, “We have yet to encounter a market bear this year, whether on the commodity side, equity investor or with corporate clients.”

“Over the past week, open interest for June 2022 WTI $100 calls has increased by 10%,” Michael Tran also wrote. “Since September, open interest between $105-$150 per barrel strike prices have increased 14 times.”

Goldman Sachs last month also reiterated its bullish stance on oil, with the bank’s head of energy research Damien Courvalin telling media that “We’ve already had record high demand before this newest variant, and you’re adding higher jet demand and the global economy is still growing. You see how we will average a new record high in demand in 2022, and again, in 2023.”

The most bullish factor for prices, however, at least according to Ninepoint Partners’ Nuttall, is the fact that OPEC is running out of spare capacity.

“The exhaustion of OPEC’s spare capacity - so, as they bring on all that spare curtailed volume - is going to be the most bullish, watershed event in this industry in many, many decades.” 

By Irina Slav for Oilprice.com

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Leave a comment
  • Hypo Crazy on January 13 2022 said:
    Not long ago you and all your genius experts were telling us oil was finished. They were all wrong. The industry is going to boom this next few years and will be bigger than ever.
  • Lee James on January 14 2022 said:
    I agree that there's reasons for the price of crude going up. Declines in petroleum reserves and increasing cost of production and transport suggest UP.

    Now we will see what Mr. Everyman can afford to pay. Additionally, higher cost to burn oil means alternatives to burning oil become more attractive.

    Scaling up technologically attractive EVs and PV installations is the new clean-energy challenge.

    Nobody really knows how all of this is going to play out. Indications are, despite the challenges, clean energy infrastructure is becoming the main priority though oil is certainly still gushing out of the ground to get tanked and burned. Clean energy is a wish while burning fossil fuel is becomes hold-your-nose to many national and state leaders.

    Interesting times, for sure. Some of the above discussion pales in comparison to what our geopolitical situation might do to the price of a gallon . . . .

Leave a comment

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