Quick post to capture the Ping on a mid-term Fib. There are fibs below, drag down on price scale to see. Even if not bottomed, these levels will be important.
@EuroMotif I've spotted another TV bug.... it cannot handle negative prices. Do I get a bug bounty?
BDG
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"WTI found a bottom (at $11)? "
Nope. :-)
Oil has hit zero. This means it is cheaper to keep the oil in the ground rather than pump it and put it into tankers and incur a daily fee. We will see massive # of bankruptcies in shale oil producers which need revenues coming in to pay off their interest on their massive debt. The banks will foreclose on these expensive operations, which is what Saudi Arabia wants to see happen. What are the banks going to do with these operations? Who is going to buy them? China? China owns 62% of the oil leases in Canada, so it may happen. But will Trump allow it?
EuroMotif
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@BDG, lol, yeah so much for that bottom :(
Interesting points about shale oil producers and their debt.
I agree that SA is using this opportunity to damage such competition ,and will probably succeed to some extent.
BDG
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@EuroMotif, yeah. But here's a thought. If oil futures rebound from zero to even $5 a barrel, don't you make infinite amount of money in the futures market? We just need a place to put all that oil. Have you got a basement? LOL
kdenery
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yikes
luongchihieu
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-3$ @@
blockchainworld
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0
Pop-A-Bear
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This is going to be very interesting to see how low this really goes.