It Takes a Lot of Energy

Energy prices keep slipping. It's a big deal in the continuing fight on inflation. The price for West Texas Intermediate (WTI) Crude Oil has declined 22% in the fourth quarter. It's down 7 consecutive weeks, undercutting $70 a barrel at one point, the lowest since July. It sure looks like prices are going to stay low for a while. The 6-month time spreads continue to trade in contango. That suggests a global Oil glut through next Summer.