Crude oil traders, both FA and TA, see a bad thing about to happen in this chart as US, Saudi and Russian crude oil production are still elevated . I predict 30 bankruptcies in the shale oil group of US oil producers within the upcoming year.
Here comes $12 WTI.......
>tfw buying 5k of uwti with call options
wish me luck
>>1009268
>30
One of those countries is going to go bankrupt. Guess which one it is?
>>1009310
when dwti falls, you will massively profit.
redpill me on OLO its a crude etf, should i buy it assuming im gonna hold it 5 years or so
>>1009335
Brazil.
>>1009268
Everyone's increasing production, where's it going? Who increasing consumption?
>>1010042
storage
>>1010061
Partially right
Consumption is always going up so far, despite the gains of renewables.
Cars are simply not yet feasible to drive on electricity, let alone trucks and construction machines.
And the cheaper oil is, the more will be consumed, as more people can afford to drive longer trips in their cars.
But as for this thread: yeah, many many companies are going bust, entire fucking countries are going bust at these prices. And with the present situation, my bet is that we will see prices around 25-30 dollarios in the new year, unless the whole Iran deal goes under
>>1009268
30 bankruptcies and a slew of mergers sounds right; $12 not so much.
>>1010042
It was to China and rapidly growing nations that needed massive machinery and commercial production.
But then China stopped growing at 10% a year and they stopped needing oil, copper and other building materials.
Now it is going to storage facilities, and an increasing trade from developing countries. Boats use a lot of fuel.
FCX is the best way to trade copper and that looks pretty grim.
>>1010066
Yeah the range you're looking at is $30 to 60. Under 30 offshore drilling is no longer profitable, over 60 fracking is profitable. Supply follows accordingly.
So Russia needs oil at 55$ a barrel to survive.
What prices can saudi arabia and US handle.
>>1010534
Are you Chinese? Seriously, don't you realize we all make fun of you because you're one of three tripfags on here and are obviously NEET based on your posting rate. Nobody looks up to you. Just be anonymous like everybody else.
>>1010534
more like what prices can canada and mexico handle
>>1010225
>Under 30 offshore drilling is no longer profitable
That's the point, anon. OPEC is keeping production up and prices down to kill off the competition IE frackers and offshore drilling.
>>1010534
Saw a report on ZeroHedge where a Russian dude said "Russia will stop producing oil if it goes to -0-.
So there's that.
