Oil eyes this week have been enthralled by the appalling spectacle in Alberta, and distracted by Saudi Arabia’s compelling domestic take on Game of Thrones.
Earnings season is in full swing, allowing investors and traders a look at the inner workings of an industry creaking under the strain of ‘lower for longer’.
Opec is an organisation riddled through with contradictions. It has ceded control of the oil market in an attempt to retain control of it. It is tackling high-cost oil by making low-cost oil expensive to produce. It talks of a market rebalancing being just around the corner but on the same day its most high-profile individual insists such a move will take an unspecified amount of time.
These are bleak times for oil producers, as crude explores lows last seen a dozen years ago. But throughout this remarkable down-cycle in oil prices, voices from the sidelines have been telling of how quickly the situation could turn, and events this week demonstrate why.