XOM - $100 oil becoming consensus - UBS now on board

Following Goldman, JPMorgan and Morgan Stanley's lead, UBS out with a call for $100/b Brent oil prices. The report calls for $100 by September and sees $90 by the end of March, which seems a bit out of step given Brent has crossed above $90 multiple times already this year. Like peers, the analyst focuses on limited spare capacity, and the (in)ability for shale to meet global demand while the world emerges from a pandemic; he goes on to flag the necessity for distillate cracks to rise in order for refineries to overcome higher carbon and hydrogen costs. (NYSE:XOM) (NYSE:CVX) (NYSE:PXD) (NYSE:BP) (NYSE:EOG) (NYSE:COP) (NYSEARCA:USO) (NYSEARCA:XLE) With the majority of Wall Street calling for $100 oil, the focus becomes less on the ability to hit $100 than the ability for crude oil prices to sustain $100; an area where the street remains divided.

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$100 oil becoming consensus - UBS now on board