CNN: The world could soon run out of space to store oil. That may plunge prices below zero
Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.
Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don't want to be the first to blink by turning off production.
That could mean a supply glut so epic that the world will soon run out of room to store all the unneeded barrels of oil.
Read more ....
Update #1: Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn (CNBC)
Update #2: Oil market shock to spill over into global supply chains - IEA (Reuters)
WNU Editor: Alberta crude is now selling for an unbelievable USD$4.00-$6.00/barrel. Some countries are now naturally taking advantage of these low prices .... China to Start Buying Oil for State Reserves After Crash (Bloomberg).
While Trump is dealing with Corona, Countessa Nancy, Schiffy Schitt, he was striking a deal between Putin and MBS.
ReplyDeleteCould assholes in the Congress, who have been paying the Wussia card every 5 microseconds have done this? I think the chances are slim.
Could an asshole Democrat politician have done this after demonizing Putin?
This helps us 4 ways to Sunday.
1) It helped an ally Saudi Arabia.
2) It helps Russian. Whether We get helped in return remains to be seen. But we got bragging rights.
3) It helps Canada. Do not expect lil girlie boy PM BLACKFACE to thank Trump. The head of Alberta might.
4) It helps America oil producers. Low is good for American consumers. But too low is not good for them because it causes disruptions and then they would have give back some of their saving at the pump in unemployment benefits to oil workers.
TRUMP GOT'R DONE!