The last few weeks have been humbling for those of us who make prognostications about the direction the oil markets may take. Especially so for the bulls, folks who think for whatever reason, oil should go up in price. Since mid-2014 that notion, with a few brief respites that analysts often call a “sucker’s bounce,” has proven to be continuously false. Every “buy on the dip,” recommendation has turned to compounded losses for energy investors, particularly those who dipped their toes into North American shale. The failure of OPEC+ (which we will discuss a little later in the article) to come to an agreement on further cuts was the breaking point for many investors resulting in a market looking for price discovery for oil and not finding it until the ~$30 level. On Monday, March 8 th oil fell farther than it had ever done so before in a […]