PENN WEST PETROLEUM LTD. T.PWT

Goldman Sachs: "mid-$60s by end of year"

[makedonka]

"Others are seeing the light and are now agreeing with me. Reuters is reporting that Goldman Sachs Group Inc. is backing oil and says it will probably rally to the mid-$60s by the end of the year. City analysts Ed Morse and Seth Kleinman are also now on board writing that, “While U.S. shale output may come “roaring back” amid higher crude prices, production curbs by OPEC and its allies should help offset that increase over the next six to nine months.” We of course, long ago wrote that the OPEC/non-OPEC accord was a game changer and that not only would they do a deal but they would also comply. While non-OPEC compliance has been a bit slow, it is moving in the right direction and with global demand on the rise, prices are poised to move higher. We still believe that oil is at a long  term generational bottom that was established a year ago and current conditions will see a significant tightening of supply in the coming months driving up prices."

https://blog.pricegroup.com/2017/04/18/dollar-drivel-the-energy-report-041817/