Chesapeake Energy Corp (CHK): OPEC predicts oil rise to $53 this year...

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ogbull

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Monday, 05/16/2016 4:39:21 AM

Monday, May 16, 2016 4:39:21 AM

OPEC predicts oil rise to $53 this year to $70 in 2015.

http://www.theworldfolio.com/news/opec-report-predicts-oilprice-rise/4104/

I think WTI will be above $50 by next week and hit $70 by the end of 2017 or maybe sooner. Capex has been too low for far too long. The economy is starting to show positives signs of heating up. Deep-water drilling has almost stopped. Fracking can not keep pace with oil demand going forward.

Moody's downgraded practically every oil producer in the Middle East. Donald Trump will slap them with 20% to 30% import tax. OPEC is dead! They went too far trying to put US producers out of business. They were successful but this is gonna anger a lot of oil people. "Screw the Saudis" will become a popular saying.

The truth is we no business in the Middle East. We can produce our on oil and gas until solar and wind take over. The Saudis will wake up and realize that made a huge stupid mistake. I think they already know it!