The Market
Since mid-Q1, oil prices have ranged from a low of around $64 to a high of $71 per barrel.
(Source: Barchart.com)
Prices remain elevated, supported by OPEC production discipline, production problems in several OPEC nations, fears of new Iran sanctions and stable global oil demand.
Prices and Inventories
Inventory levels remain elevated but have clearly declined from last year’s peak.
From the late 1970s into mid-2014, U.S. commercial crude oil inventories ranged between 275 mb and 400 mb. However, from mid-2014 into 2017, rising U.S. production led to a major increase in stockpiles.
These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.
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