The price of oil has been doing something really extraordinary. It has hardly moved for several years. That stability probably contains the seeds of its own destruction.
A barrel of Brent goes for $110 (U.S.). At 5 per cent above the low of the last year, and 5 per cent below the high, this is the narrowest 12-month trading range for oil since at least 1988. The recent experience is not a fluke. Oil has been remarkably steady since early 2011. The lower volatility is tough for speculators. For users, it is more mixed. They would prefer a lower price, of course, but like the predictability.