Thursday, 11 December 2014
Brent: One Remarkable Graph
The prize for most extreme oil-price movement of the modern age goes to 2008, of course - the winner by virtue of its double reversals in under 12 months. There have been some crazy uni-directional lurches: the upward step-changes of 1973 (war) and 1979 (war); the blip of 1990 (yours truly was sitting at the desk that sold the single $40 cargo which defined the peak in that year as Saddam invaded Kuwait); and the slump of 1998-9 ($10 as recently as that).
2014 looks set to enter the gallery: pancake-flat plus parabolic plunge. All those 'range-bound' commentaries we were writing 12 months ago, eh ?
Start thinking about your predictions for 2015: the year-end crystal-ball compo will be upon us soon.