The growing gloom that sent oil markets reeling last week appears to be much more than a short-term phenomenon. Oil contracts for 2018 and beyond, normally slow to follow fluctuations in more speculative short-term prices, have also collapsed amid a 10 percent dive in immediate delivery futures, reflecting a deepening pessimism over the long-term outlook for a battered industry. U.S. crude futures are now trading at below $50 a barrel through the end of 2019, a level at which most shale drillers would struggle to turn a profit. No futures contracts – which are currently dated to 2024 – are priced above $54 a barrel. Just a few months ago many analysts and executives expected oil prices to rebound to at least $60 within a few years. But in an unusual twist, the […]