With oil prices around $30 a barrel, “bullish” is a relative term.
Two Wall Street analysts made their cases Thursday for why oil prices will rise to $55 a barrel in the next two years – a forecast that sounds optimistic today but last year would have been considered low.
Francisco Blanch, head of global commodities research at Bank of America Merrill Lynch, and Jan Stuart, global energy economist at Credit Suisse Group AG, spoke at the New York Energy Forum on Thursday.
Mr. Blanch predicted that oil prices would rise to $55 in the medium term as production declines accelerate in the U.S. and other non-OPEC countries. Mr. Stuart also called for $55 oil in 2016, partly based on robust demand growth.
Here are some excerpts from the talk.