On the low end we have Citibank, which recently stated that Brent oil prices could fall to as low as $45 per barrel within the next year. Citi’s Ed Morse said that Brent could very well fall back into a band of between $45 and $65 per barrel, a range that was familiar between much of the market downturn between 2014 and 2016. The so-called “shale band” theory, popularized several years ago, posited that shale production would go offline below $45 per barrel, putting a floor beneath prices at that level, while any surge above $65 brought new supply online, which would push prices back down. Citi sees the recent run up in oil prices as temporary. “We think oil is headed back to that range by the end of 2019,” Morse said in an interview with the Financial Post in Calgary. “The bull argument is based on faulty […]