On Brent, forecast to approximately $70/bbl in 2021 (from their previous projection of approximately $66.50/bbl)

  • $69/bbl in 2022 (from $68/bbl)
  • 'long term' forecast to $62/bbl (from $60/bbl)

On WTI oil

  • approx $67/bbl in 2021, from circa $62/bbl
  • $66/bbl in 2022 (from $63/bbl)
  • long term $59/bbl (from $55/bbl)

In very brief (from a longer note) CS say:

  • Bottom Line: We are raising our Brent and WTI price forecasts since supply/demand fundamentals continue to improve
  • While demand continues to surprise to the upside. OPEC + and US E&Ps have shown strong discipline.
  • As global crude oil stocks draw in 2H21, we see support of higher crude oil prices