Historically oil has been in a down trend for almost 20yrs, along with the trend current global conditions are removing demand from the equation with average expected decreases of 2 million barrels a day! To make matters worse supply has not decreased at all! Multiple oil producing nations are continuing production regardless of decreased demand and prices, causing a HUGE glut in supply that is demanding storage of the oil in some unconventional ways.
I believe there will be more downside to the oil price in the near future, but with the continued money printing by all central banks oil just may break the downward wedge it has created and see ever higher nominal prices along with every other commodity when the money hits the fan.
God Speed!
I believe there will be more downside to the oil price in the near future, but with the continued money printing by all central banks oil just may break the downward wedge it has created and see ever higher nominal prices along with every other commodity when the money hits the fan.
God Speed!
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-$40WTI...TAKE MY OIL PLEASE, MY POOL IS FULL!
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OIL HITS RESISTANCE!
$40-$45 HAS NUMEROUS SUPPORT LEVELS GOING BACK OVER THIRTY YEARS...
AND WITH AVERAGE ALL IN EXPENDITURES FOR MOST OIL COMPANIES AT $50-$60...
AND GLOBAL DEMAND IN THE TOILET...
THINGS LOOK BLEEK...
$40-$45 HAS NUMEROUS SUPPORT LEVELS GOING BACK OVER THIRTY YEARS...
AND WITH AVERAGE ALL IN EXPENDITURES FOR MOST OIL COMPANIES AT $50-$60...
AND GLOBAL DEMAND IN THE TOILET...
THINGS LOOK BLEEK...