What's the outlook for oil prices and the market impact?
Oil prices are driven by a number of very volatile and hard to predict factors. The supply for oil on a short-term basis is very inelastic because of the time it takes to find new oil, drill it, extract it and refine it. As a result, small changes in demand can have a large price impact. Secondly, geopolitical events can significantly impair oil production and delivery. Finally, oil markets are dollar-based and subject to currency swings and heavily influenced by a cartel. For all of these reasons, we have been very defensive over the years in our positioning in this unpredictable sector. It is generally a sector that we have exposure in, but where we do not make significant bets. We have been equal weight in most of our portfolios over the past year and don't expect that to change dramatically.
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This report has been prepared by CALAMOS ADVISORS, LLC for information purposes; any opinions expressed herein reflect our judgment as of this date and are subject to change. The forecasts and strategies may not prove true.
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