The price of crude oil has been inching up as of late and this is getting the analysts, financial press and market prognosticators more bullish. We are seeing more articles like this one "Why oil will continue to rise in 2017" and this one “Energy’s Big Thaw.” We think this is telling us something about the psychology of institutional oil traders and others who opine on investment themes for a living. Our reading last year was that most oil traders were mildly bullish. Some were looking for oil to trade in the low $60s. We were in the trading range camp looking for oil to trade in the mid $40s to low $50s range. Oil is now trading at an important level at the upper end of its trading range.
