Oil has come a long way from below $30 a barrel where it started off at the beginning of the year. Rallying almost 90% from its 13 year low in January. WTI crude is setting at 48.37 a barrel right now as I write this blog. However, that is several points down from 6/8/16 when it closed at 51.23. So what are we seeing here. Is oil going to continue to go up or have we hit our ceiling for the year. Well according to the Paris based agency the International Energy Agency (IEA) yes it has. At least for this year. “At halfway in 2016 the oil market looks to be balancing”, is what they wrote in their most recent report. The report also stated that the large volumes of production (around the world) will remain affected by shutdowns. With many rigs in the United States continuing to be shut down and many more layoffs to come. They may not be too far from the truth. This is also very true in Nigeria to be specific. Nigeria is one of the major member of OPEC, but they have been plagued by attack after attack from the Nigerian rebel group calling itself the “Niger Delta Avengers” In a previous article I talked about how they are basically holding the oil and gas industry of Nigeria hostage by attacking foreign and domestic oil and gas companies that are attempting to work in Nigeria. Their reasoning is that the oil and gas companies and the Nigerian government have been conspiring to keep mostly all of the money made from their oil and gas ventures in the country while at the same time polluting their environment and keeping the locals poor and starving. They have vowed to continue to attack and drive Nigeria oil and gas production to zero on there twitter page. Based on our observation this coupled with what is going on in the rest of the world makes us believe that despite what the “critics and naysayers” are talking about. We are staged for a major jump in the price of oil once people figure out that our supplies are dwindling away faster than expected. Keep your eye on oil over the next few weeks and let us know if you agree or not.

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