I think he greatly ignores the lag in production drops the follow months after the rig counts drops. And ignores the assets sales that have already happened.
I think he also forgot that our reserve capacity is practically 100% topped off. At that point oil will have to be dumped unto the market. I don’t think $30 a barrel is far off
CVX selling $15 bil for starters.
The dollar right now is the wild card. The Euro could dip to 0.90 or less. Each dip of the Euro is a drop in oil price in the last two weeks.
As noted, the spread to Brent for WTI is historical and indicates shortage there and excess here...and the dollar?
What is “interesting” is that how the price at the pump keeps going up.
Panic is the order of the day. They say it is always darkest before the dawn. I wonder it is midnight yet.
I keep waiting for the failure of multiple private equity investment firms; hasn’t happened either.
Suspicious, imho.
He ignores a lot of things. He’s only good at running his mouth.