That will happen when CL drops down to the 17 level.
China announce a record 1.6 million ton purchase of oil and price kept dropping. They are going to store it at sea. The only buyers are those with spare storage capacity.
Oil is going to $12
ES Journal - 2019/2020
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China announce a record 1.6 million ton purchase of oil and price kept dropping. They are going to store it at sea. The only buyers are those with spare storage capacity.
Oil is going to $12
It's possible and almost certain without intervention. Still considering how well they defended the markets recently and how well they've defended the EURO all these years, I wouldn't be overly surprised to see 20ish hold for awhile.
48 next?
Problem is: you can't solve this by printing money. Storage is a real issue and cutting back on production is really difficult so probably even the 10 million barrels reduction will not be honoured. There is no authority to solve this. Unless demand rises drastically and really soon 10$-12$ is likely.
Define "a while"
This feels stupid in this market (fighting the fed!) but SS 2835
stop at 43
stop at 43
At least a month? I don't trade CL just to be clear, but after seeing all the intervention. I don't see the point in them letting in drop to levels that low. But again I am not CL expert, nor claim to be.
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