The firm notes that:
"The oil price required to trigger sufficient demand erosion appears higher than we estimated. Hence, we raise our Brent forecast to $100/bbl by 3Q, up from ~$90/bbl before."
Well, that certainly might come but it's still very early in the year and a lot can change in the months ahead. I do maintain a bullish oil view but for now, it looks like buyers may have encountered some difficulties in getting over the final hurdle this week.