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I think you are correct on this call FR !If we look back there was an absolute avalanche of factors that all converged on the oil price to be decimated and to be pushed into -ve territory briefly:- Plummeting demand due to lock down- Surging supplies as even the high cost producers kept pumping as it was very costly to plug a well and re-start at a later date- Tanker and Oil storage facilities were full that it was impossible to get rid of the Oil produced i.e. producers had to pay customers to take it off their hands, hence the brief dip into -ve territory- Saudi-Russian tensions/deals to crush the Oil price which I think was a cunning plan to bankrupt the high cost US shale and Tar Sand Oil producersAs a side note, I think the attempt to crush the US Oil producers will get no attention at the moment as to what the US is currently dealing with virus deaths and now violence on streets:[ATTACH=full]103940[/ATTACH]
I think you are correct on this call FR !
If we look back there was an absolute avalanche of factors that all converged on the oil price to be decimated and to be pushed into -ve territory briefly:
- Plummeting demand due to lock down
- Surging supplies as even the high cost producers kept pumping as it was very costly to plug a well and re-start at a later date
- Tanker and Oil storage facilities were full that it was impossible to get rid of the Oil produced i.e. producers had to pay customers to take it off their hands, hence the brief dip into -ve territory
- Saudi-Russian tensions/deals to crush the Oil price which I think was a cunning plan to bankrupt the high cost US shale and Tar Sand Oil producers
As a side note, I think the attempt to crush the US Oil producers will get no attention at the moment as to what the US is currently dealing with virus deaths and now violence on streets:
[ATTACH=full]103940[/ATTACH]
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