Why This Oilfield Services Company Is Well Positioned for 2024

If you read my year end review and outlook for oil that was published a few weeks ago, before I went on my somewhat extended holiday break, you will know that I started this year bullish for oil, but with a few provisos. Mainly, they are to do with economic conditions in the US and to a lesser extent China. Higher for longer interest rates should inflation remain elevated (as Thursday’s US CPI suggested it might) could affect the demand side of the pricing equation, but as long as crude stays above $65 simple economic theory dictates that, at some point supply will increase too. That could be absorbed if demand stays strong, but…