Despite a late Santa rally in the oilpatch this week, it's probably time to recognize that we are on the verge of a reset of expectations for the oil sector in the developing, likely 2024 price environment for WTI and Brent. We are about one inventory build away from a trip back into the $60's for WTI and the low $70's for Brent.
Do we stay there for long? I doubt it, and will discuss why in this article, but it could happen. In this article I will discuss what I see as the most likely scenario for 2024. The effect of lower prices on activity…We’re on the Verge of a Reset of Expectations in the Oil Sector
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