In my last two columns for premium subscribers, I was first very clear in the opportunity I thought I saw coming in oil stocks. First, I outlined how oil companies had finally retreated from full-speed-ahead capex increases, looking to raise production into an oil environment that hadn’t been able to support it for the last two years. I also pointed out that this retrenchment had come in a unified way from oil companies, continuing their lemmings-like behavior of rather bad decision making during this entire oil bust. The opportunity arose, I argued, because it seemed to me that the oil environment was finally, in fact, ready to improve – oil stockpiles were finally dropping below 5-year averages and declining steadily, and rig counts were due to decline as well, after so many months of sub-profitable oil prices. All of this led me to believe that we were seeing […]