[wardaddy]

Saudi Arabia told Putin to pound sand and ordered maximum output even with Covid pressure

That’s what tanked prices

Are fears of the end of the world having an effect...some

But the big plunge took place upon the Saudi announcement

And the war tween Salman and Putin has been going on a while

Salman spoke with Trump right before the announcement and one suspects Trump wanted to know for how long since it harms USA shale in particular

Russia has to sell oil at 60-70 according to most experts to pay bills

It supposedly cost them 30 a barrel to cover production costs

Urals is a high grade crude

Comparable to Brent but better than West Texas Intermediate

The price war is prolly 70% of the pressure on oil markets

They are up a bit now...

OPEC Basket and Urals sell for about 50% more than our domestic stuff

I’m guessing more production at the cracking tower...less bunker and asphalt maybe..

[dfwgator]

Don’t underestimate the impact this may have on the Mullahs in Iran, especially on top of their Coronavirus issues.

[CharleysPride]

Thanks for the detailed rundown, so many moving parts. The Saudis have usually burned themselves with price wars, but with such a glut it will be hard to keep US production afloat. I guess the big fear, is this unravels financing for the energy sector and spreads to Financials. This is a wild time.