Brent crude oil forecast: BNO fund probability ranges
BNO fund share price (Brent crude oil): 68.91 on 22 Oct 2026. The front-month futures contract traded at $114.39 per barrel (delayed quote, 23 Oct, 06:44 UTC). The ranges on this page are for the fund's share price, which follows futures and carries the cost of rolling contracts; they are not ranges for a commodity price. The 80% probability range for the end of 2027 is 41.79 to 147.05, with a median of 68.91. Over the next 3 months the range is 54.91 to 88.01 and over 12 months 39.75 to 139.52. These are ranges, not targets: they show how far the BNO fund share price could plausibly move, built from past moves at today's volatility of 35.7% a year.
What this price is
No futures data on our plan, so this uses the United States Brent Oil Fund (BNO) as a proxy. Fund prices follow futures, include the cost of rolling contracts and can drift from the spot price. Positioning shown is for WTI.
Where the BNO fund share price could go: 50%, 80% and 90% probability bands
Forecast ranges by horizon
| Horizon | 10% | 25% | Median | 75% | 90% | Chance higher |
|---|---|---|---|---|---|---|
| 1 week | 64.05 | 66.57 | 68.91 | 71.03 | 73.27 | 50% |
| 1 month | 58.66 | 63.59 | 68.91 | 73.70 | 77.83 | 50% |
| End of 2026 | 56.94 | 62.32 | 68.91 | 77.11 | 84.68 | 50% |
| 3 months | 54.91 | 61.86 | 68.91 | 77.32 | 88.01 | 50% |
| 6 months | 50.96 | 59.81 | 68.91 | 85.57 | 105.99 | 50% |
| 12 months | 39.75 | 55.20 | 68.91 | 104.81 | 139.52 | 50% |
| End of 2027 | 41.79 | 54.35 | 68.91 | 98.15 | 147.05 | 50% |
Read it as: over 3 months, there is a 10% chance the BNO fund share price ends below the "10%" column, a 10% chance it ends above the "90%" column, and an 80% chance it ends in between. "Chance higher" is the share of comparable past periods, scaled to today's volatility, that ended above the starting level. The centre is today's BNO fund share price: we do not assume a trend.
How likely is each level?
| Level | Move from today | Chance above it in 3 months | in 12 months |
|---|---|---|---|
| 55.00 | −20.0% | 90% | 75% |
| 62.00 | −10.0% | 74% | 62% |
| 65.50 | −5.0% | 62% | 56% |
| 67.00 | −2.5% | 56% | 53% |
| 70.50 | +2.5% | 44% | 48% |
| 72.50 | +5.0% | 38% | 45% |
| 76.00 | +10.0% | 28% | 42% |
| 82.50 | +20.0% | 16% | 35% |
The chance that the BNO fund share price is above a level on the target date (not that it touches the level on the way). Built from the same volatility-adjusted history as the ranges above.
What our call says (a separate model)
The StocksXray call on Brent crude oil is Bullish (score +47 on a scale of -100 to +100, high confidence). It is built from trend, rates, positioning and macro drivers and is evaluated separately. The ranges on this page are statistical and do not include the call.
Brent crude oil: call, chart and track record →Track record: how often did the outcome land inside the ranges?
| Horizon | Tests | Inside 50% range | Inside 80% range | Inside 90% range |
|---|---|---|---|---|
| 1 week | 159 | 60% | 89% | 95% |
| 1 month | 158 | 51% | 81% | 91% |
| 3 months | 156 | 52% | 79% | 87% |
| 6 months | 153 | 53% | 75% | 81% |
| 12 months | 147 | 47% | 70% | 81% |
Walk-forward back-test since 18 Jul 2013: every 21 trading days the model was run using only the data available that day, and we counted whether the BNO fund share price later finished inside the 50%, 80% and 90% ranges. A well-calibrated forecast scores about 50%, 80% and 90%. Tests for long horizons overlap, so they are not independent. This is the history of this one asset; the pooled results for all commodities are on the forecasts page. The raw 80% range for commodities was a little too narrow in the back-test (it held 67% to 87% of the time depending on the horizon), so the ranges are widened by 1.05× to 1.25×. That factor was fitted once on all commodities, so the table is partly in-sample.
Live record: every forecast is stored once a week and checked when its horizon passes. The first snapshots were stored on 5 Oct 2026; the 1-week ones resolve within days and the 12-month ones in a year. Results will appear here as they come in, good or bad.
How the ranges are built
- Take the daily price history and measure today's volatility with an exponentially weighted average of squared returns (the RiskMetrics method, decay 0.94).
- For every past day, record how far the price moved over the horizon in units of that day's volatility. This keeps the real shape of past outcomes: fat tails and skew included.
- Take the 5th, 10th, 25th, 50th, 75th, 90th and 95th percentiles of the last ten years of those outcomes and scale them back by today's volatility. That gives the bands.
- Run the same recipe walk-forward through history to count how often the ranges held, and widen them where they were too narrow.
What it does not do. It does not know about earnings, central-bank meetings, elections or news, and it assumes the next period is drawn from the same distribution as the last ten years, so a regime change can break it. Treat the ranges as the minimum width of what could happen, not the maximum. Full method and results: forecasts. Related reading: drawdown, standard deviation and other risk measures, volatility and the VIX.
Frequently asked questions
What is the Brent crude oil forecast for 2027?
We do not give a single target. Based on the Brent crude oil history and today's volatility, the model puts the 80% probability range for the end of 2027 at 41.79 to 147.05 (median 68.91) for the share price of the BNO fund, not a futures price, from 68.91 on 22 Oct 2026. The 50% range is 54.35 to 98.15. These are statistical ranges, not predictions.
Will Brent crude oil go up or down?
Nobody knows. Looking at past commodities moves scaled to current volatility, the chance of finishing higher than today over 3 months is about 50% and over 12 months about 50%. That is a base rate, not a call: the range of outcomes is far wider than the tilt.
How accurate are these forecasts?
In a walk-forward back-test since 18 Jul 2013, the 80% range for Brent crude oil over 3 months held 79% of the time and the 50% range 52% (targets are 80% and 50%); over 12 months 70% and 47%. The full table is on this page.
How is this different from an analyst price target?
A price target is one number from an analyst's opinion. These are ranges built from the actual distribution of past moves, adjusted for how volatile the market is today, with a published record of how often the outcome landed inside them. They say how much could happen, not what will.
How often is the forecast updated?
Every night after the close. The page address stays the same; the numbers and dates move with the market.
Educational information, not financial advice. Ranges describe how far prices have typically moved; they are not predictions or price targets, and past results do not guarantee future ones.