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Here We Go Oil Bulls - Century Management Sees A Supply Shortage In 2017

|Includes: BP, CHK, REN, The United States Oil ETF, LP (USO), XOM

We have unquestionably had an oversupply of oil for the past couple of years. The price of oil has not been able to recover against massive amounts of oil in storage.

WTI Crude Oil Spot Price Chart

WTI Crude Oil Spot Price data by YCharts

Late in 2016 Century Management believes that supply and demand have finally come into balance. They have reached this conclusion based on movements of OECD inventory levels.

In 2017 Century believes that the market is actually going to slip into a situation where there is a shortage of supply. OPEC agreeing to a production cut will clearly be a key in that.

World Crude Oil Production Chart

World Crude Oil Production data by YCharts

You can listen to the firm's reasoning for yourself.

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