Prediction No. 3: Crude Oil Hits $120 Per Barrel

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Prediction No. 3: Crude Oil Hits $120 Per Barrel

Brent sweet crude oil should hit $120 per barrel in 2023 because the Biden administration is expected to stop draining a million barrels a day from the Strategic Petroleum Reserve (SPR).

The SPR is down to the lowest level since 1980 and the new Republican House is expected to be very critical of the SPR releases. Furthermore, China is reopening, and crude oil demand is expected to steadily rise. Finally, crude oil prices traditionally rally in the spring due to increasing seasonal demand.

If my predictions are correct, this year should be a phenomenal year for the energy sector. So, I’m going “all in” on energy this year. The fact of the matter is there are several catalysts that could drive energy stocks higher over the next 12 months.

[China and the rest of the world in re-opening and want to have fun rather than being locked away.  America needs to top up the SPR is its nearly empty]

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