YGRN - Oil $100 Or Oil Bust?

• The persistence of oil’s strength has some traders betting that barrels will hit $100 before the end of the year - a level not seen any time since before the great energy price plunge began in 2014.
• OPEC+ reached an agreement to cut production in April 2020, so that effectively it is sitting on about six million barrels per day of supply that remains in the ground rather than going to market. That agreement is currently up for discussion.
• Another development that may make the $100/bbl price likely is the dramatic curtailing of investment in shale oil fields like the Permian Basin of west Texas. Permian’s loss is OPEC+’s gain, at least for now.

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