You are all idiots. 90mil barrels usage/day. 2bil/90mil = 22 day supply. Where do you people get your numbers from? 3 months supply? what are you smoking? Get real, when SA cuts production, oil goes to $70+ overnight.
Agreed Gmort. what is your opinion on withdraws during normal winter weeks this year? The thing to keep in mind is that normally, you can expect 100+ withdraw, that is taking into account the amount of gas still being produced and adding to storage. With less and less being produced, do you see the winter withdraws near doubling? I would predict closer to 200 withdraw with less production coming into the system through the winter. I wouldn't doubt we see 2.5 trillion decrease in storage by March 2016.
Agreed Wall. Did you see Lawler's brothers comments at the energy summit this week, speaking on behalf of BP? He said there will be washout from this oil downturn, there will be companies that will not survive. The companies that will survive will have the best balance sheets and/or the best and most producing assets and land.
Do you think he threw that one in there for his Brother at CHK? I'm betting a very large JV and/or very large asset sale that would be at least as large as half the debt, with again, only selling a fraction of the total.