SHEL - Evercore bumps oil price forecast UBS lifts European energy price targets

Tuesday, Evercore analyst Stephen Richardson lifted the bank's oil price forecast (CO1:COM) to $104/b for 2022 and $100/b for 2023. The bank reduced supply estimates by a whopping 3.0mb/d into 2023, and cut demand estimates 1.2mb/d on Russian sanctions, price impacts and China lockdowns. Separately, UBS analyst Henri Patricort lifted price targets for European oil companies, indicating that "higher oil and gas prices offset Russia exposure." UBS also lifted oil price expectations (CO1:COM), with Brent now assumed to trade at $95/b in 2022 and $85/b in 2023, up from $81/b and $80, respectively. UBS sees the most upside at OMV (OTCPK:OMVKY), +38%, with Total (TTE) seeing 20% upside and Shell (SHEL) 16% upside to targets.

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Evercore bumps oil price forecast, UBS lifts European energy price targets