re: what am I missing---people don't believe that the lower for longer theory for oil prices is not over. I think that it will take a price of over $60.oil & stay there for at least a month.
---why the price hasn't dropped or is resisting a drop is: 1. a slight drop in US mthly oil production; 2. Saudis don't want the oil price to drop before theydo their aramco IPO; so they have made it known that production cuts will remain thru-out 2018.
---oil will drop, but probably not as steeply as some (Josef Schachter) were predicting, but it won't go up as much or as soon either.
carlos