Why Crude Refuses to Crash Despite Glut Predictions

A looming oversupply of crude oil is going to cause prices to take a dive as the world moves on to alternatives to hydrocarbons and economic growth remains weak. This has been the message from virtually every price forecaster for months. Yet benchmark oil prices have remained remarkably stable. Some call it a mystery. Yet there is nothing mysterious about it. Forecasts do not reflect real-life supply and demand. “There is a bit of a mystery,” Vikas Dwivedi, global energy strategist at Macquarie, told the ...