Yes .
I think the oil price us headed north .
Consumption is still trending north and looks like it will despite alternate energy sources . China India growth etc
The crazy thing is the very small buffer between global inventoies and daily consumption . Global Daily consumption os about 120 mill barrels .
To put it into perspective my understanding understanding is that stored inventories are equivalent to about 2...3 weeks consumption.
Most of the major oil producers seem to be suffering financially . So it makes sense for them tobmaintain prices if they can .
All gut feeling stuff ......
Meanwhile STO should benefit
Cheers
VA
$50-60 New Normal or U.S Shale Bubble?, page-721
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