CNBC Oil Survey

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CNBC Oil Survey August 14, 2015Page 1 of 11

Oil SURVEYAugust 14, 2015

These survey results represent the opinions of 22 of the worlds top energy analysts and

strategists.

They responded to CNBCs invitation to participate in our online survey. Their responses werecollected on August 11 through August 13, 2015. Participants were not required to answerevery question.

This is not intended to be a scientific poll and its results should not be extrapolated beyond thosewho did accept our invitation.

1.Where do you see WTI's price trending in the short term(September-October) and where do you think it will end

the year?

0%

62%

29%

10%

0% 0%0%

23%

32% 32%

14%

0%0%

10%

20%

30%

40%

50%

60%

70%

Below $30 Between

$30-$40

Between

$40-$50

Between

$50-$60

More than

$60

Don't

know/unsure

Sept-Oct End of Year


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2.Where do you see Brents price trending in the short

term (September-October) and where do you think it willend the year?

5%

71%

24%

0% 0% 0%0%

32%

36%

32%

0% 0%0%

10%

20%

30%

40%

50%

60%

70%

80%

Below $40 Between

$40-$50

Between

$50-$60

Between

$60-$70

More than

$70

Don't

know/unsure

Sept-Oct End of Year


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3.What do you think is the most important factor impacting

oil right now?

57%

19%

10% 10%

0%

5%

0%

10%

20%

30%

40%

50%

60%

70%


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4.How do you think US oil supply will trend through the

end of the year?

41%

32%

27%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Fall Flat line Rise


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5.Do you think Saudi Arabia will cut production in a

meaningful way this year?

0%

96%

5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Yes No Don't know/unsure


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6.When you think Iranian oil will come to market?

14%

23% 23%

27%

0%

14%

0%

5%

10%

15%

20%

25%

30%

4Q 2015 2Q 2016 2017 or later


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7.

For the rest of 2015, global demand for crude oil will:

46%

14%

41%

0%0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Rise Fall Stay the same Don't know/unsure


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8.

If demand falls, which region would have the most

impact?

55%

5%

14%

23%

5%

0%

10%

20%

30%

40%

50%

60%

China US Eurozone All of the

above

Don't

know/unsure


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9.

What do you estimate is the average breakeven price for

US shale producers?

10%

10%

43%

24%

5%

0%

10%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Less than $35

$35-$45

$45-$55

$55-$65

$65-$75

More than $75

Don't know/unsure


10/11



Comments:

Kyle Cooper, IAF Advisors: This bear market will eventually end

as all do. The end does not appear likely in the near term.

Dennis Gartman, The Gartman Letter: As long as the term

structure for Brent and WTI remain in contango that is evidence that

supplies are more than ample and that crude is bidding for storage.

This is rarely anything other than bearish for crude oil prices.

Anthony Grisanti, GRZ Energy: Once summer demand ends--oilwill start to build supply---unless production drops--I see oil trading

in the 30s until the spring of 2016

Alan Harry, Spartan Commodity Fund: I feel the key to where

crude will go this year will be largely influenced by the increased

supply of Iran coming online and the increased economic condition

throughout the world.

Jim Iuorio, TJM Institutional Services: One of the primary

drivers of the oil and commodities plunge has been the notion that

the U.S. is tightening while the rest of the world is easing, resulting

in dollar strength. If anything comes into conflict with that thesis

commodities could easily reverse course.

John Kilduff, Again Capital: The refinery maintenance season and

the growing global glut of diesel fuel will enable the next phase lower

for crude oil prices with at least $30 being hit as the low point forthis cycle.

Jeff Kilburg, KKM Financial: As shorts have control of the futures

markets, anticipate continued volatility as price discovery develops

into the upper $30s. That being said, I believe the $30s will be


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short-lived and the price of WTI should float back to the $50 level

after all of the carnage has transpired.

Tom Kloza, OPIS: WTI almost certainly will overreact and slide into

the high $30s. But it shouldn't match the 2008 slide that came with

great financial unwinding, and it shouldn't return to the much lower

prices a generation ago. The market is many times bigger with much

more financial underpinning than in the pre-2003 period.

Scott Nations, Nations Shares: Crude supply continues to outpace

demand by about 2 million barrels per day, which is bad, but the fact

that crude oil storage is nearing capacity is even worse for crude

prices near term.

Dan Pickering, Tudor Pickering: What started the year as a

supply problem has now become a supply AND demand problem,

with fears of a China slowdown being the biggest recent influence.

While China supply will almost certainly not decline, the unknown is

a powerful influencer of near term oil price. Lower for longer has

become consensus thinking, but as supply declines in the U.S.

become more evident later this year, oil prices should find healthy

support well above the current low $40s level.

Elliott Warren, GFI Group: It's going to $33.

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