Friday, October 20, 2017

Tension in the Middle East, combined with growing confidence in the likelihood of an OPEC extension, has very few analysts seeing a lot of downside risk. “The oil market is tightening gradually,” Tamas Varga, analyst at brokerage PVM Oil Associates, told Reuters. “OPEC is expected to roll over output restrictions for another nine months, supplies are at risk in the Middle East and U.S. inventories are falling.”

Over the last 2 ½ years the oil industry has experienced its deepest collapse since the 1980’s. If history is a guide, after every oil bust comes a recovery if not a boom. This current recovery, if you call it that, has been timid at best.

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