Following is a log of oil issues as 2017 closes:

2017-10-25
Perfect Storm - Oil Prices Will Rise

The foundation for why we believe oil prices will rise higher are based on the following theories:

1. Overconfidence in the U.S. shale industry, which leads to capital expenditures being diverted from supplies that would have guaranteed more stable long-term supplies to short-cycle supplies;

2. lack of capital investments in global oil supplies, resulting in faster decline rates;
3. years of low oil prices fueled demand spikes that will be inelastic to oil price rises in the future;
4. the fall in the U.S. dollar is a natural boost to global demand; and
5. high storage leading to complacency on geopolitical risks boiling in the Middle East.