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Top Oil Traders See Oil Topping $200 By End-2022
- A number of big oil traders now predict crude to trade at more than $200 per barrel by the end of 2022.
- Doug King, the chairman of RCMA Group even sees crude at $250 by year's end.
- Most $200 oil predictions are factoring in a significant loss of supply from Russia.
Some of the world’s biggest oil traders expect oil prices to exceed $200 per barrel by the end of the year, the Financial Times reported, citing opinions shared at its Commodity Global Summit this week.
“Wakey, wakey. We are not going back to normal business in a few months,” said Pierre Andurand, who has been super bullish on oil for a while. “I think we’re losing the Russian supply on the European side forever.”
The hedge fund manager first made his $200-per-barrel forecast earlier this month, saying that producers ranging from African members of OPEC+ to the U.S. shale patch will struggle to replace the Russian crude going off the market.
Yet Andurand is neither the only superbull nor the biggest one. Doug King, the chairman of RCMA Group, told the FT that crude oil could top $200 and reach $250 by the end of the year.
“This is not transitory. This is going to be a crude supply shock,” King told the FT summit.
BofA Sees $200 Barrel Oil
