Investors appear to be increasingly confident that OPEC is going to live up to its word. Professional money managers have trimmed bearish bets on West Texas Intermediate to the lowest level since August 2014 in advance of OPEC’s planned production cuts starting in January 2017. Volatility is also down to its lowest level in several years. No one knows for sure what will happen with OPEC of course, but for now there is reason for optimism and there is a substantial probability that oil could see further upside. Some investors are now increasingly seeing the possibility that oil could be back to $100 a barrel within the next couple of years – a prospect that would have seemed laughable just six months ago. There is significant confidence among many market participants that the oil markets will finally rebalance in 2017. That rebalancing is largely coming from the drawdowns in […]