Bloomberg news .......
The absence of “extreme contango,” which occurs when commodities prices close to delivery are cheaper than those to be delivered at later dates, suggests that “the world, whilst moderately oversupplied, is not awash in oil,” Hall said in a letter to investors..,.,.,.,,..
Oil prices, which plunged 32 percent in 1998 and 54 percent in 2008, are down more than 50 percent in the past year. Hall, who runs hedge fund firm Astenbeck Capital Management, said U.S. crude output through the remainder of 2015 will decline 6 percent from the first half’s average. He also said he expects to see a decline in production forecasts by the International Energy Agency.,,,,,,,,,,,,,,,,,,,,,,,,,,
There is probably more than 200 million barrels of crude oil storage capacity still available, Hall said in the letter, a copy of which was obtained by Bloomberg...............................
why is it that oil is so cheap because apparently there is abundance of it ? We have so much water and still I pay 1 dollar or more for a bottle of water and it's price doesn't go down like oil ? Why not trade water like oil ?
in my opinion Iran is not going to surrender its freedom . Oil to tha moon ,lol
deal or no deal ? How is the market going to react on Monday ?