Brent to break $AU 110, page-18

Hi Paddie,
If you add it all up then oil is in for a sustained rally.

1. There has been little exploration in the last 4 years.
2.Energy demand is growing by over 1 million barrels per day...notwithstanding the growth of alternative fuels.
3. Conventional oil fields are declining by at least 3 mbpd per annum
4. Venezuela is a cot case.
5. Libya is under attack by militas
6. The USA is threatening to stop Iranian exports. This could be a BIG mistake by Trump.
7. Spare oil capacity has dropped to an alarming 1.5%.

SXY is very well poised.