By Keith Schaefer 2016 Themes
When I look back on 2016, what were the Big Themes? For me, the #1 theme was the same as 2015–Nobody Knows where the oil price was going. We all guessed how much US production would drop (Market was about right), how tight credit would be (much looser than expected), how and when OPEC might cut production (it took a whole year but they did it) etc etc etc..
Had OPEC not come to an agreement in November, oil would be mid-40s now and everybody’s energy portfolio would not be looking so good. The depth of
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