The ONLY reason oil is falling is because the US dumped 9m barrels on the market last week, China drew 35m barrels from its reserves and US oil depleted commercial reserves by 8 million barrels (plus other OECD reserve draws). Those actions are not repeatable for long enough to permit shipping to recover. Demand exceeds supply right now by 14 million barrels per day and that isn’t priced in. But will be soon.
The ONLY reason oil is falling is because the US dumped 9m barrels on the market last week, China drew 35m barrels from its reserves and US oil depleted commercial reserves by 8 million barrels (plus other OECD reserve draws). Those actions are not repeatable for long enough to permit shipping to recover. Demand exceeds supply right now by 14 million barrels per day and that isn’t priced in. But will be soon.
So when the dust settles are their good oil investments gong forward ie midstream or services etc ?
Good call