The first is a report on bets taken by the highly successful hedge fund manager Pierre Andurand on the direction for prices. Andurand is predicting prices will rise above $100 per barrel by 2020 as demand growth exceeds the ability of the U.S. shale industry to meet demand at current prices. The article quite reasonably points out investment in the oil industry has fallen dramatically as prices have declined, saying on average 40 new developments were approved annually between 2007 and 2013 by the oil majors. That number fell to just 12 last year, as the low oil price left only the most simple and straightforward projects viable. Furthermore, Andurand believes the U.S. shale industry will find it increasingly difficult to justify new investment if prices remain at current levels — as new fields will become more expensive to develop and maintain, the industry is surviving on the low-hanging […]