It was yet another brutal week for crude oil as global stockpiles continue to build and capital is increasingly looking towards safety.

U.S. Federal Reserve Chair Janet Yellen spoke to Congress on Wednesday, and sounded much less certain about the health of the global economy than she did in December. She downplayed the Fed’s plans to raise interest rates multiple times this year, and said that any increase would be “data dependent,” meaning it all depends on whether or not the economy stays on track.

http://oilprice.com/Energy/Energy-General/Oil-Rallies-Over-12-As-OPEC-Rumors-Reach-Markets.html

Wait for it. Wait for it....

Gurus all say it's going to be in the toilet for a long time?

That's usually the sign that the price will skyrocket soon. Just like the gurus predicting oil was above $100 to stay...

Especially if they're believing the reserve numbers put out by the guys who had to go to the bank and investors to get their drilling funds. Because they're never over-optimistic.

With all the cancelled projects, wells/platforms/fields being shut down because they're uneconomic, and the rapid decline on the shale oil wells (without replacement drilling), we could be in for a price shock before the end of the year.

Or, it may be time to stick a fork in it. Hard to say.