Raymond James

We project solid global demand growth in 2016( 1.4 million barrels per day), and a reasonable growth in 2017( +1.1 MMBbl/d), mostly driven by China, India and Africa. As such, demand should help to drive prices higher.

The status quo is already such that virtually all producers, except Iran, have little to no room to increase production from current levels.

We favor Pampa as it offers exposure to the generation sector, which we believe will be the best-performing segment in the industry, while benefiting from the improvement in profitability in the other businesses (transmission and distribution).

Barring some sort of second half of year recovery in oil prices it's going to be a very rough year in the patch.

We continue to believe that even though the energy lenders have underperformed in sympathy with crude, it is still too early to buy the dip.