RE:Eric Nuttall words for today...Nice part :
Mike Rothman of Cornerstone Analytics Inc. believes this price level sits at around US$183 per barrel and, importantly, would need to remain at that level for a year to result in behavioural change. This price level compares to the inflation-adjusted all time high oil price of US$187. He also believes that the fair value for oil is US$114 given current inventory levels, meaning there is currently no political risk premium in the oil price. This is an important distinction to make as many could mistakenly believe that high oil prices are a result of political tensions rather than a structural bull market.