For the oil market, 2018 has been a roller coaster ride. Ups and downs are always expected, but the twists and turns seen this year were exceptional by any standard. In January 2018, oil prices had climbed to multi-year highs, with the supply surplus finally ebbing, after several years of a downturn and more than a year of production curbs by the OPEC+ coalition. Inventories were declining rapidly and Venezuela was entering a steep downward spiral that promised even more production losses. Brent topped $70 per barrel and seemed to be heading higher. But what unfolded in the ensuing months nobody could have predicted. And that was true on many fronts. The IEA expected the U.S. would add 1.3 million barrels per day (mb/d) in 2018, while the U.S. EIA predicted growth of 1 mb/d. In reality, the U.S. added about 1.5 mb/d in 2018, and preliminary data suggests […]