Oil Market Fundamentals Best In Years

2018 has so far brought in the highest price of crude oil since late 2014 (chart 1), but we shouldn't be surprised by the price action. Indeed, ignoring geopolitics for a moment, the fundamental picture for the crude markets haven't been this favorable in years. As we will see, from inventory levels, to the US dollar, to economic growth, to the setup in the futures markets, most signs are pointing to higher oil prices ahead.