problem is global economy looks like it is going into a prolonged recession.
Yup and only 39 cents off the warrant deal at 2.40. Both Rio ,TRQ and GOM are losers here as well as shareholders.
STNG PPS will double this year. There is US storage capacity for 450 million barrels of oil but there is only 139 million barrels in storage. That is because refiners are taking up all the product exporting huge amounts of refined oil. We have no glut when we can't even fill our storage capacity.
This supposed oil glut is one huge hype and scam ! If we have two million barrels a day of over supply or about 730 million barrels a year it would last 40 days in taking care of US demand based on our using 19 million barrels a day. At 50 dollars per barrel Apple could spend 50 billion and buy the whole over supply and sit on it and make about 14 billion in a year. Please kindly let me know were I am wrong as I see this as a geopolitical engineered oil drop aided by the media and supported by shorts.
Expect what ? What really happened here today ?