BofA downgraded EOG Resources (EOG) to Neutral from Buy with a price target of $144, down from $151. Non-OPEC supply growth outweighs global demand growth, leaving downside to the oil strip, the analyst tells investors. The firm’s house view calls for $60 WTI the next two years, which is a level that freezes new OPEC supply from the market, resulting in a growing supply overhang that may continue to grow in the absence of an acceleration in demand, adds the firm, which lowered it long-term oil price view to $65 WTI from $75.
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