Trying to guess what the price of oil will do in the next week, month or year has always been a challenging sport. However, over the past 12 months, the game has become impossible as the oil market swings wildly on every piece of news flow that hits the wires.
In fact, all swings have become so wild and unpredictable this year that the price of WTI has crossed between bull and bear markets more times in the past eight months than at any other time since 1998. As the Wall Street Journal reported last week:
“Oil slid 47% between October 2015 and Jan. 20. It then popped 27%...
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