Bank of America Predicts Oil Could Hit $100 per Barrel in Case of Severe Winter Cold Snap

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on Jun. 9, 2016. Richard Carson/Reuters

Oil prices could top $100 per barrel in the event of a significantly colder-than-usual winter, Bank of America analysts said in a note cited by Reuters.

Global crude oil demand could surge by up to 2 million barrels per day (bpd) in the event of a major winter cold snap, which could send oil prices past the $100 per barrel mark, Bank of America analysts wrote in the Sept. 10 note, according to Reuters.