Crude oil at $75 by December

[dan_s]

At least one analyst agrees with me. Watch this video: http://www.cnbc.com/id/102445170

Everything I'm getting shows U.S. production on decline sometime in the 3rd quarter. At the same time IEA says demand will increase 1.5 million bbls per day from Q2 to Q3. See: https://www.iea.org/oilmarketreport/omrpublic/

This will be a very interesting year.

I do think WTI will flop around in the $45-$55 range for a few more months. Weekly EIA crude oil storage report showing a decline (probably in May) will start the price rally.

PS: EOG has some of the sharpest market analysts. Listen to their full conference call to get a feel for how confident they are that oil prices will be higher by year-end.