MUR - Piper Sandler sees $100+ oil through 2025 upgrades BRY CDEV LPI and MUR

Piper Sandler out with an exceedingly bullish oil note Thursday, upping the bank's oil price forecast to $100+ through 2025. Though several banks have called for $100+ oil in 2022, consensus overwhelmingly expects prices to fall back to double digits in coming years. Oil prices hitting records for a brief moment before falling back below $100 would be relatively less impactful to oil stocks than sustained, triple-digit prices.  Piper's view is predicated on long-term impacts to supply from the majors exiting Russia. As the bank sees the exodus of talent leading to sustained production declines. The bank further believes US shale will take years to "make a dent in the supply deficit." Analyst Mark Lear believes US oil stocks are "priced for $70 oil." That is to say, if oil prices fell ~30% and stayed at $70 forever, his stocks would then be fairly valued.  As one would expect, the

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Piper Sandler sees $100+ oil through 2025, upgrades BRY, CDEV, LPI, and MUR