Inside the Market’s roundup of some of today’s key analyst actions
Given the lingering risk of a recession, Eight Capital analysts Phil Skolnick and Christopher True are “conservatively” lowering their near-term oil and natural gas price deck.
“As laid out in our Eight Capital Equity Research Department 2023 outlook report, we see a difficult economy in H1/23 followed by a recovery in H2/23, which means we expect to see downward pressure, particularly on oil prices, in the first half of this year with a strong recovery in H2/23,thus delaying our bullish commodity outlook,” the analysts in a report released Wednesday.
The analysts lowered their full-year oil price forecast for Brent by 29.7 per cent to US$86.16 per barrel and WTI by 30.5 per cent to US$81.74 . However, their 2024 projections rose by 17.5 per cent and 18.4 per cent, respectively, to US$80 and US$76. “For natural gas, we are lowering our Henry Hub and AECO H1/23 forecasts notably, in part to match Q1/23 STRIP while also tempering our H2/23 outlook; therefore our full year is reduced by about 45 per cent to US$4.55 and C$4.60, respectively. Nonetheless, we are 35-40 per cent above STRIP due to our aforementioned view as we expect a meaningful recovery in Q2 and beyond, with further upside into Q4/23 and 2024 due to new U.S. LNG capacity.
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