crashed at the open with WTI opening down 27% lower as traders frantically attempt to re-price the curve. The shock-and-awe Saudi strategy will propel oil markets into a period of radical uncertainty. Russia balking was one thing, but Saudi ramping up production is a bird of another feather.
We’re probably one US super spreader headline away from sending WTI reeling to the mid 20’s prices could remain under pressure.
It sure seems inevitable that US virus headcount numbers will climb substantially higher from current levels, possibly in an explosive way, once testing is rolled out on a large scale, the oil market could remain under pressure for the foreseeable future until maybe Russia and the Saudis walk back their new world order for oil threat.
shot higher out of the gates as haven demand soars with investors buckling in for perhaps an unprecedented VaR implosion as oil plummets compounded by the fact, we’re on the event horizon of a massive…