XOM - JPMorgan sees $125 oil in Q2 RBC says Welcome to the Super Cycle

JPMorgan's oil price forecasters published a note calling for $125 oil in Q2 of this year (NYSEARCA:USO), as OPEC+ is unlikely to deviate from targeted quota, driving a "risk premium" of $30 per barrel (NYSE:CVX) (NYSE:XOM). JPMorgan has been bullish on oil for several months now, as their team has flagged the potential for OPEC+ undershooting quotas, a view that has thus far proven out and become relatively consensus across the Street. RBC's commodity team published a note Monday morning, calling for $115 oil this summer, but admits low conviction in the call, as "the oil cycle will price higher until it finds a level of demand destruction" (NYSE:VLO) (NYSE:PSX). RBC's sees nearly a decade of underinvestment in the sector leading to dwindling supplies, with no new supply "frontiers" in sight (NYSE:PBR) (NYSE:HES). With inventories falling at unprecedented rates, it may be that shale supply and Iranian barrels would be

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JPMorgan sees $125 oil in Q2, RBC says "Welcome to the Super Cycle"