BofA Lifts Oil Price Outlook for 2026 and 2027, Sees ADNOC Gas Earnings Boost
Bank of America (BofA) has raised its oil-price outlook for 2026 and 2027, predicting that Brent will reach $83 a barrel in 2026 and $75 in 2027. The bank's analysis also suggests that ADNOC Gas, a company with a significant portion of its liquefied natural gas (LNG) sales linked to spot prices, could experience an earnings boost.
The reason for this potential increase is that about 20% of ADNOC Gas' LNG sales are priced off the day-to-day market. This means that when LNG prices rise, a larger share of the additional revenue will flow through to earnings before interest, taxes, depreciation, and amortization (EBITDA).
BofA estimates that a $5-a-barrel move in oil would change EBITDA by about 4.6%, assuming related fuels like liquefied petroleum gas (LPG) and LNG move broadly together. Based on this analysis, the bank raised its EBITDA forecasts for ADNOC Gas by 3% for 2026 and 10.1% for 2027.