Right now, if you look at the COVID numbers, they continue increasing every single day. Yes, and that's exactly what we're seeing, the mobility. Yes, for two years, you haven't been traveling. So as long as people have money to spend and there is a pent-up demand, everybody wants to travel. And in the case of the physical market, the reality for oil is that 60% of oil is actually moving people and things around. NATASHA KANEVA: So I think in the case of oil, it's very simple. JULIE HYMAN: Why won't rates going higher, Natasha, be more negative for energy prices and, more broadly, for some of the other commodities you track?
So by all means, we do believe that oil will be a major beneficiary. So in general, we're targeting prices closer to $85-$, somewhere between $80 to $85 in 2023. We do believe that there are higher levels to go. We do believe that the price is right now oversold. So because of that, definitely for us, energy is of our favorite sectors, exactly as it was in 2021. So there's a significant amount of pent-up demand. As people have money to spend, they have places to go. So we do believe that, as the economies reopen, oil will be a major beneficiary. We do believe that this combination of wealth accumulation, pent-up demand, still very accommodative policies from the central banks, still very pro-growth fiscal policies, all of that will combine to result in another record level for the energy sector in 2022 and even in 2023. Yes, all the signs says that that's exactly what is happening. Yes, so you're absolutely correct, as the economies are recovering, learning to live with COVID that is endemic rather than the pandemic.
What's your outlook for next year? And is any relief in sight for prices at the pump? Natasha Kaneva is JPMorgan's head of global commodity strategy and joins us now. All right, the outlook for many commodities prices looks strong next year, as the global economy rebounds from the pandemic, says the team over at JPMorgan.
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