Peak Oil is back at least for now! U.S. oil futures soared after he Energy Information Administration (EIA) acknowledged that U.S. oil output will fall despite earlier predictions to the contrary only to fall back after the American Petroleum Institute reported a 12.2 million barrel increase in crude oil supply. The market seemed to ignore a prediction by the EIA that oil might fall $15 a barrel if Iranian oil came back onto the market. This comes against a back drop of a mega energy deal that may signal more deals to come and a consolidated market bottom. Let us start with EIA’s “Short Term Energy Outlook” that sent oil on a tear. “The reason was that the EIA said that U.S. crude oil production is expected to peak this year in the second quarter and then decline in the third quarter, before picking up again toward the end […]