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Bullboard - Stock Discussion Forum Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa... see more

TSX:WCP - Post Discussion

Whitecap Resources Inc > Bank of America
View:
Post by retiredcf on Sep 13, 2021 9:18am

Bank of America

BofA Securities commodity strategist Francisco Blanch sees upside pressure on the oil price building, potentially leading to $100 crude sooner rather than later,

“As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build. For starters, there is an estimated 1.8mn b/d of available gas to oil switching at power plants capacity across Europe and Asia, even if only a fraction of this capacity is likely to be utilized … Further supporting oil prices, global demand is coming back and OECD oil inventories just dropped to the 10 year average … For Emerging Markets, consumption is coming back with a vengeance led by China and India … We continue to project that oil prices will remain range-bound in 2H21 and maintain our average Brent crude oil forecast of $70/bbl for this period (Exhibit 40), although we now target Brent to be at $75/bbl by year end … However, weather is quickly becoming the most important driver of energy markets. If the winter turns out to be much colder than normal, global oil demand could surge by 1 to 2mn b/d. Under this scenario, the oil market deficit this winter could easily exceed 2mn b/d and our $100/bbl oil target for the middle of next year could quickly be rolled forward six months.”

Comment by mogilny on Sep 13, 2021 10:40am
BoA is notorious for these sham reports.   They are just generating short term hype.   Oil at $65-$72 is idea for Canadian E&P.   Higher prices just means lower consumption and pushing people to EVs sooner.    OPEC released their monthly report, they added 900k/day for the 2022 forecast and reported supply challenges.   Good news for Canada ...more  
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