Bank Of America Corp.

NYSE:BAC   12:03:42 PM EDT
+0.42 (+1.37%)
Earnings Announcements

BofA Sees $100/bbl Brent, 0.1 Mln Bpd Surplus In 2023

Published: 09/19/2022 13:55 GMT
Bank Of America Corp. (BAC) - :says "brent Put" Has Shifted Up to $80/bbl From $60 Previously, Driven by Opec+ Market Management and a Potential Spr Refill at $80/bbl Wti .
Says Oil Balance to Stay Tight in 2023, Supported by Rebounding Asia Demand, Slower Non-opec Growth, and Opec+ Signaling First Ever Production Cut Above $90/bbl.
Sees Brent Oil Average Price of $100/bbl in 2023 (and $94 for Wti), With 12-month Target of $110/bbl; Mark-to-market Lowers Its 2h22 Brent Call to $96.50/bbl on Macro Weakness.
Sees Non-opec Volume Growth at 1 Mln Bpd in 2023, With US Liquids Volumes Growing by 1.1 Mln Bpd Next Year; Sees Small Surplus of 0.1 Mln Bpd Next Year.
Sees Asian Region Delivering 86% of 1.7 Mln Bpd of Oil Consumption Growth Projected for Next Year, Compared to Just 19% of 2 Mln Bpd Expected for 2022.
Says Global Recession Presents a Key Downside Risk to Its Views, But Total Oil Inventories Remain Extremely Low and Spare Production Capacity is at a Minimum.
Says Key Upside Risk to Its View is Russian Oil Price Cap, As It Embeds 10 Mln Bpd of Russian Supply Into Outlook and This Number Could Be Much Lower.
(reporting by Deep Vakil in Bengaluru).
Revenue is expected to be $23.47 Billion
Adjusted EPS is expected to be $0.79

Next Quarter Revenue Guidance is expected to be $24.04 Billion
Next Quarter EPS Guidance is expected to be $0.87

More details on our Analysts Page.