Hey,
I guess that all of you monkeys have just seen that something unprecedented happening in the Oil market. Where do you see the situation developing further? Drastically cutting the oil supply? Stopping the contracts market?
Interested in your thoughts, especially those in commodities trading, and Oil & Gas bankers.
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Bump! Do you think it will have a long lasting on impact on either economy / WTI price? There is really not enough storages and tankers to store oversupply?
More long-lasting than the COVID-19? I think it is time we just fasten our seat belts and brace for impact cause the crash is going to be hard.
Stock market is quite positive about the future, but nevertheless
They are the May futures for Light Sweet Crude Oil. They expire tomorrow so anyone left holding long is expected to take delivery. Also be careful with the media coverage on this story, people were quoting Bloomberg by saying that USO held 25% of the CLK contracts outstanding today when they actually held CLM.
It will be interesting to see what happens to prices once the market recovers. There are a lot of wells in North America that will have a hard time re-opening and getting production up and running again.
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