John Kilduff, MF Global said, “My target is USD138 per barrel on crude.  A lot is still out there to happen and a lot of shoes can still drop here, it is not over, natural gas is the only relative bargain left in the complex and that is really the way to go, the pure exploration and production companies like Devon stay there and ride it, it is not over yet.”

Jason Feer, VP & Singapore Bureau Chief, Argus Media, said, “I think the fundamentals are looking fundamentally strong in some regards. So the demand is holding up in China and other parts of Emerging economies like India. But you are really seeing some signs of cracks showing in the US demand; it is expected to drop this year. So I think you are beginning to see some real weakness there and i think the prices are really starting to defy gravity though and I think at some point it is going to end in tears for someone. Demand growth remains strong and I think that countries govt across the region particularly in Asia are starting to grapple with how expensive the subsidies have become.”