Crude has fallen below $80 on recession fears. Some large investment banks including JPMorgan and Goldman Sachs remain highly bullish on crude. Aramco CEO Nasser: the oil market is not in balance, and supply is getting tighter because there is little in the way of new supply to make up for natural depletion. “That would be the road to hell for America,” JP Morgan’s CEO Jamie Dimon said last week, referring to a suggestion that all big banks divest from the oil and gas industry. In the same week, Aramco’s chief executive warned that years of underinvestment in new oil production are beginning to bear fruit, which is an undersupplied market. Despite these statements that suggested oil prices should move higher, oil fell for much of the week. Yet it […]