$60 Oil Will Not Last Long

U.S. oil prices are treading water above $US 60/B (WTI) again, the first time since 2015. Crude oil has a northerly wind in its sails, though everybody on board this fickle ship is cautious about its compass bearing. Since 2013 we’ve seen the price of a barrel peak to $110, capsize to $26, and roll back to $60. The gyrations make sense. Here is what we’ve learned over the past decade: Above $80 is too high. Cash flow is ample. Investors gladly fund more drilling rigs. Pump jacks work hard. Too much productive capacity is added. But…

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