The oil price crash was inevitable.
To understand why, we have to review a bit of history.
In 2013, I began warning of the risk to oil prices due to the ongoing imbalances between global supply and demand. Those warnings fell on deaf ears.
Nobody wanted to pay much attention to the fundamentals at a time when near-zero interest rates were pushing banks, hedge funds, and private equity firms to chase the "yield" in the energy space. Naturally, with money flooding into the system, companies were forced to drill economically unproductive wells to meet investor