The most bullish situation would be seeing more than a million barrels of oil pulled off the market and prices averaging in the $60 dollar range, according to the report.

The worst case scenario involves a tsunami of new production from OPEC, Saudi Arabia, Iran and Libya hitting the market – all but certain to drive prices even lower.

On Thursday, the final day of trading before the Christmas holiday, Brent and U.S. crude closed up by more than a percent, but still well under $40 per barrel.

"If you are thinking about sort of about a mid-$30s average for WTI, low-$40s, I think that's a bearish scenario," said Croft, according to the report.

"Our base case is this sort of middle range... $52 is our WTI call for next year," she said, implying that U.S. crude would be nearly one-third higher than its current trading levels.