Throughout the majority of 2017, oil has been mired in a range between $45 and $55 per barrel. While OPEC’s production cuts have aided prices by helping flush out some degree of excess supply – or at least the market’s perceptions of such – it hasn’t produced the bull run up to $60 or higher as North American producers have simply taken up market share. $OIL, iPath Series B S&P GSCI Crude Oil / D At the same time, technological advances in directional drilling technology have lowered the breakeven cost of oil per barrel and helped sustain drilling and production investment at lower market prices. By consequence, oil has largely remained range-bound after the initial rebound from its sub-$30 price in early 2016. Some believe that global demand will begin to outstrip supply and lead prices higher heading into 2018. On the other hand, some believe technological innovation (i.e., declines in breakeven production costs), shifts in market share from the OPEC agreement (rather than genuine production cuts), and supply/demand dynamics that will be difficult to balance will end up keeping prices depressed at sub-$50 levels. As I write this on September 18, oil is flat at $50-even. POLL: Will we continue to see more of the same range-bound behavior and finish the year at $45-$55 per barrel, or will we see something outside of this range? Agree = Oil remains between $45-$55 per barrel by January 1, 2018 Disagree = Oil falls outside of the $45-$55 per barrel range by January 1, 2018 _____ (For non-members, voting is possible through StockTwits, Twitter, or Facebook credentials.)