Oil Bull Markets Past & Present, and Yellow Jackets
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Twenty years ago, oil prices bottomed in January of 1999. Actions by OPEC led prices to rebound before the events of 9/11 caused a major, albeit temporary, pullback in 2001. The rampant bearishness that followed, combined with misunderstandings in future supply and demand, then set the stage for a six-year surge in oil prices.
Significant pullbacks in developing bull markets are nothing new, as we illustrate in our most-recent commentary. The real question is: what is driving fundamentals behind the scenes? For reasons we explore in detail, our long-term bullish outlook on global oil markets remains intact and we believe the pullback in oil-related investments has presented investors with an excellent buying opportunity.
Read Goehring & Rozencwajg’s commentary to learn:
- How we conduct our in-house research and develop alternative views on energy supply/demand dynamics
- What similarities today’s market shares with 2001
- What will drive markets in precious metals going forward