On June 19th of last year, Crude Oil was trading at $106.83/barrel. A mere seven months later, on January 19th, frenetic trading had brought the price per barrel down to $46.47 (a historical drop of 56%). Yet demand is holding steady and, in fact, projected to increase over the next couple of years. The problem today is not a demand problem but rather a “supply” problem that’s directly attributable to the U.S. Shale Oil revolution. In short, the world is awash in too much oil.
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