Oil is trapped in a sideways spiral. Despite so, relentless pursuits have treated this recent cycle like a binary issue.
No matter what your conviction is oil has taken a beating. At this very moment WTI is not performing, but the global issues where demand and supply have been in flux is about to overturn, and many CEO's and investors are certain oil has hits its bottom. Again.
OPEC is looking for the perfect price, one that is substantial to keep investors excited and grown revenues, at the same time metering the costs so as not to encourage more shale drilling. Since the shorts are not piling up this may be a temporary price issue...OPEC may be cutting but they have hundreds of billions in upsteam investment planned over the next five years, That is evident is by OPEC's multi-hundred billion dollar upsteam investment program (see data).
On March 9th Goldman Sachs Energy Pulse stated: The industry appears to be using a wide spread of oil price assumptions in its strategy presentations, despite an almost completely flat forward curve. Goldman also forecasts a deficit throughout 2017.