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Energy OverView November 19, 2014

Brent crude oil and WTI oil prices remain below critical psychological levels of $80 and $75 respectively. Prices have risen slightly, this morning, on news of a car bomb in Erbil in Kurdistan, which serves as a reminder that a lot of the recent production gains from Iraq to Libya are in a dangerous neighborhood and are extremely vulnerable. We have been consistently bearish for some time now, being among the first to target the “low-$70s” as a price target, earlier in the year. Our rationale has been the oversupply situation that has developed, particularly along the US Gulf Coast region.

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