Last fall, it seemed the end of the global oil glut was already at hand, when optimism soared after OPEC’s commitment to speed the process by limiting production.  Oil prices were expected to quickly move to $55 and $60 per barrel, and then continue climbing in 2017. The rig count rose, and jobs began to return throughout the oil patch.

But it has since become another false start for oil markets.  Oil prices remain mired between $45 and $50 per barrel, and price expectations – measured by the futures market for West Texas Intermediate – have fallen back to levels well below those that prevailed before the OPEC accord. The domestic rig count has peaked for now, and the big investment houses forecast a decline in domestic drilling through the second half of this year.