Get ready for higher energy costs, JPMorgan said Friday, warning that the latest surge in oil prices may have a lot further to run. Analyst Christyan Malek upgraded the entire global energy sector to an overweight rating in a research note on Friday, saying that capacity shocks over the near- to medium term and an energy "supercycle" could eventually drive up Brent crude prices — the global benchmark — as high as $150 a barrel.
" Both will result in "a self-reinforcing higher-for-longer energy macro outlook" and make it tough for the industry to justify long-term capital expenditures beyond 2030, Malek said. @LCO.1 1M mountain Brent crude prices over the last month Malek expects Brent prices to range between $90 and $110 in 2024, and $100 and $120 in 2025 before hitting as high as $150 by 2026.