Some love for the oil bulls from JPM – this from a research note this week

• We see oil going to $100 within two years
• the near term, clearly, it’s very tough
• oil price that should sit somewhere between $35 and $40 by the end of the year
• two to three year view, we see a huge supply response, a lot of oil coming off the market, and we are very bullish on the long term viewpoint
• “I’d expect as we go to the second half of this year, as we see demand bottom, and we see the OPEC cuts coming into play and potentially deeper cuts