Brent Oil — Forecasts & Attribution

Analysis date: 2026-03-12

Price Attribution

PAT001

FieldValue
InstrumentBCO_USD
Price$101.03/bbl
CurrencyUSD
Unitbbl
Timestamp2026-03-12T05:30:00Z
TriggerScheduled point-in-time snapshot
Trigger Ref-
idcomponentcategoryvaluepercentbasistrendconfidencereferences
PA001Base crude costbase-cost+$70.0069.3%Pre-disruption fundamental value; production cost floor + margin + pre-war $65-74 range equilibriumstablehigh-
PA002Hormuz blockade premiumsupply-disruption+$25.0024.7%6-7 mb/d transit halted; IRGC vows "not a litre"; <10% pre-conflict flows; largest disruption in modern oil historystable-to-increasinghighgeopolitical/2026-03-12
PA003Iraq/UAE/Kuwait supply losssupply-disruption+$12.0011.9%Iraq collapsed 4.42→1.2-1.5 mb/d; UAE/Kuwait cutting as storage fills; additional 5+ mb/d combined lossincreasinghighgeopolitical/2026-03-12
PA004IEA reserve offsetliquidity-discount-$8.00-7.9%400M bbl release (largest ever); US contributing 172M from SPR; starts next week; partial offset to disruptionincreasing (more bearish)mediumpolicy/2026-03-12
PA005War resolution discountrisk-premium-$5.00-4.9%Trump "practically nothing left"; "soon" rhetoric; 2-4 week timeline; Mojtaba Khamenei as new supreme leader creates negotiation openingincreasing (more bearish)mediumpolicy/2026-03-12
PA006Speculative/momentum premiumspeculative-premium+$6.005.9%Short covering rally from $81.5; FOMO buying on recovery; recovery velocity ratio 1.33 (up-dominant); VIX 30+ attracting momentum chasersdeceleratingmediumpositioning/2026-03-12
PA007Demand destruction headwinddemand-pull-$3.00-3.0%NFP -92K; UE 4.4%; ISM Prices 70.5 (stagflation); GDP 1.4% deceleration; oil demand inertia means 2-3 month lagstablemediumeconomic-release/2026-03-12
PA008Qatar LNG / risk contagionrisk-premium+$2.002.0%Qatar LNG facility attacked; 20% global LNG flows halted; gas-to-oil substitution; broader regional risk premiumstablemediumgeopolitical/2026-03-12
PA009Technical momentum premiumtechnical-premium+$3.003.0%V-bottom from $81.5; 50% retracement hold at $100.75; institutional re-accumulation confirmed by velocitydeceleratingmediumtechnical/result
PA010US domestic surplusfundamental-premium-$1.00-1.0%3rd consecutive crude build (+3.8M bbl to 443.1M); US-specific dynamics largely irrelevant to global Brentstablelowinventory/2026-03-12

Residual: $0.03/bbl Validation: Components sum to $101.00 vs actual $101.03

Price Forecasts

idinstrumentforecastDatetargetDatetargetTimeframecompositePricecompositeLowcompositeHighcompositeConfidencestatusactualCloseerrorerrorPercentreferences
PF001BCO_USD2026-03-122026-03-184 trading days104.0875130mediumactive---PAT001

PF001

trackmethodpredictedPricepredictedLowpredictedHighconfidenceweightreasoningreferences
fundamentalscenario-weighted100.575130medium35Scenario-weighted: base ($95-110, 50%) + bull ($115-130, 20%) + bear ($75-90, 30%). Key driver Hormuz blockade duration vs IEA release timeline and war ending rhetoric.EV001,EV004,EV008
participantpositioning-flow10693110medium25Institutional net-long re-accumulating $85-95; targeting $105-107. Commercial hedgers shorting above $100. Net bullish but contested. Velocity ratio 1.33 supports upside.PO001,PO002
patterntechnical-level10793120medium20V-bottom reversal confirmed; measured move 50-62% retracement of $120→$81.5 = $105-$105.4. Supply-shock impulse on W confirms sustained above $100. Exhaustion gap at $93-95 defines downside.-
regimehistorical-analog10578125medium-high20Supply Shock Breakout Phase 3 plateau $100-110. PATH001 (48%) centers on plateau; PATH003 (22%) targets $78-90 on ceasefire; PATH002 (10%) targets $115-125 on escalation. 2022 Russia-Ukraine analog sustains this range.EV001,EV004

PF003

trackmethodpredictedPricepredictedLowpredictedHighconfidenceweightreasoningreferences
fundamentalscenario-weighted$100.50$75.00$130.00medium35Scenario-weighted: base ($95-110, 50%) + bull ($115-130, 20%) + bear ($75-90, 30%). Key driver is Hormuz blockade duration vs IEA release timeline. War ending "soon" creates 30% bear scenario weight.fundamental/result
participantpositioning-flow$106.00$93.00$110.00medium25Institutional net-long (bullish, high conf), re-accumulated $85-95 zone, targeting $105-107. Commercial hedgers shorting aggressively above $100 — contested zone. Speculative longs riding recovery momentum. Net: bullish but decelerating.technical/participants
patterntechnical-level$107.00$93.00$120.00medium20V-bottom reversal confirmed ($81.5 low). Measured move target: 50-62% retracement of $120→$81.5 = $105-$105.4. Supply-shock impulse on W confirms sustained above $100. Bearish exhaustion gap at $93-95 defines downside.technical/patterns
regimehistorical-analog$105.00$78.00$125.00medium-high20Supply Shock Breakout Phase 3 plateau target $100-110 (updated from $95-105 after IEA release failed to hold prices). PATH001 (48%) centers on $100-110; PATH003 (22%) targets $78-90 on ceasefire; PATH002 (10%) targets $115-125 on escalation. Weighted: ~$105.regime/result