What is the impact of industry capital discipline and how does it manifest in future oil balances? In this note we posit that while the market intuitively knows how the global oil market balances, and prices, analysts are anchored in the wrong ultimate balancing calculation. The basic methodology for calculating oil market balances has not changed, but the global physical oil market has been revolutionized. Global supply, trade, and geopolitics have been completely upended over … Continue reading A Thesis for Oil Market Price Dynamics: CUSP, the Call on Unconventional US Oil Supply, and the “Devon Put”