Oil In Purgatory: Where is the Bottom?

By Shane Obata, CFA and Chris Kerlow, CFA   In the first half of 2014, the oil outlook was bright Prices were rising, companies were investing and free cash flow was gushing. The good times were expected to last; on June 30th , 2014, the average analyst oil outlook (West Texas Intermediate, “WTI”) was to remain above $92 through 2017. Unbeknownst to most, the world was on the verge of an...

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