I can’t see it going below $30-$35.
If it got to that level, and I was wealthy, I’d buy every bit of it I could and make a massive fortune. It WILL go back up, and by a lot!
Right now this is simply OPEC(the Saudis) killing off the smaller competition, who can’t weather the storm.
You can buy all you want but can you afford to rent the storage as in having tankers sitting at anchor waiting to unload. The demurrage has to be outrageous.
I absolutely disagree with the narrative that Saudi Arabia is manipulating this to kill fracking. The insane price of oil has been due to the belief that global demand will outpace supply before long. China and Europe are teetering and everyone is starting to realize that the China bubble is about to burst and with it, any worries about demand outstripping supply.