Has the hoo-ha over the 800,000 “missing barrels”, the difference between average daily global oil production and consumption flagged by the International Energy Agency in its March report gone a bit too far? And did you fall for the argument that these barrels may not even exist, which in theory halves the presumed oversupply in the global oil market and gives us reason to be more bullish on oil prices, which had teetered near 13-year lows just two months ago? In yet another testament to how clueless and sentiment-driven the oil markets have become, the case of the missing barrels was actually proffered by some as one of the reasons behind Brent clambering to over $41 this month, from levels near $30 in February and a $27 nadir in January. Google “missing barrels” and you can catch all the excitement in case you missed it. The latest one is […]