Quarterly Energy Comment (May 6, 2015)

by Bill O’Grady

The Market

After a precipitous decline from June 2014 to late January, oil prices have been forming a base over the past few months. As the chart below indicates, oil prices have mostly been trading between $45 and $55 per barrel this year. The recent rise above $60 per barrel is raising hopes that the bottom could be in for crude oil.

(Source: Barchart.com)

Are we there yet?  In this report, we will discuss some arguments for whether or not the lows are in place for crude oil.

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