In a December blog post, I looked at quarterly oil prices (Looking ahead: The link between oil and land prices). Well, guess what has happened since those futures traders switched from anticipating higher oil prices to expecting lower prices? The chart shows a steep plunge in prices just as the election season climaxed and afterward.
Now, although they are slightly higher, futures prices differ little from spot prices. This whipsaw of prices suggests an atmosphere fraught with uncertainty about the future, at least in oil and by extension in Texas land markets as well.