While predictions about volatile oil prices abound, one theme keeps popping up: geopolitical risk premium. First it was theories about a closure at the Strait of Hormuz. Then it was fears of an all-out war between Iran and the United States or Iran and Saudi Arabia. All those are merely possibilities, but the reality suggests that a whole different kind of extreme is far more likely: crushingly low oil prices . In amongst the screams of geopolitical risk premium are far scarier whispers of words such as demand destruction , trade disputes , and economic climate deterioration . And those words describe the current reality in the market, and as such, suggest a similar future reality—a reality where demand destruction continues to push prices down, down, down. Is $10 oil really possible? Dented Demand Outlook Throughout 2019, it seems like the forecasters can’t revise down their projections for oil […]