MILD SLIDE — There is now clearly a downward trend that began two months ago. But it is not very pronounced or very steep. The message doesn’t suggest another price collapse, but more likely a new equilibrium. The monthly average price (below) also suggests prices may hold for now roughly around $60 until there is some reason for a change—like, perhaps, Iran pumping another 1.5 million barrels a day onto the market after a nuclear settlement.
