Oversupply by OPEC, US shale, Iran stockpiles, Russian production..
All reasons why there's too much Oil to sustain higher prices, it was obviously going to happen, but what next?
Here's what the NyTimes says..
http://www.nytimes.com/2016/01/07/business/energy-environment/oil-prices-decline-more-than-5-percent-as-stockpiles-increase.html?_r=0
My hunch is we are now going to find a range down here for a few years, between $40 and say low to mid $20 until the picture becomes clear.
All reasons why there's too much Oil to sustain higher prices, it was obviously going to happen, but what next?
Here's what the NyTimes says..
http://www.nytimes.com/2016/01/07/business/energy-environment/oil-prices-decline-more-than-5-percent-as-stockpiles-increase.html?_r=0
My hunch is we are now going to find a range down here for a few years, between $40 and say low to mid $20 until the picture becomes clear.