Kaneva：下行风险没有得到充分认识，OPEC+在现有承诺的每日增产40万桶的基础上进一步增加产量的动机不大。As the soaring price of natural gas prompted consumers to switch to fuel, JPMorgan Chase & CoRaise the price target for Brent crude to $84 a barrel from $78.
Analysts such as Natasha Kaneva and Gregory Shearer said in reports to clients that a shift in consumption from natural gas to oil around the world could increase demand by as much as 925000 barrels a day, potentially adding another $3 to the bank's target price.
We think 925000 barrels a day may be close to the upper limit of how much oil can get from natural gas, 'fundamentally' limiting the price of Brent crude to about $90 a barrel.
Kaneva: downside risks are not fully recognized and OPEC+ has little incentive to increase production on top of its current commitment of 400000 b / d.
