Oil Forecast Update for June 2016

Our latest forecast is as follows:
2016-Q3:    48.06

2016-Q4:    49.32

2017-Q1:    51.39

2017-Q2:    52.00

2017-Q4:    54.73

All prices are the quarterly average for WTI oil. This forecast is what we call the baseline forecast derived from doing a MAPE weighted average of forecasts from EIA, Merrill Lynch, and the naive model. No geopolitical adjustments have been added to it.