Brian Sullivan
@SullyCNBC
Oil futures open at $30. Down 25%. Total destruction.
That;s not good
D@mn, I *knew* I shouldn’t have topped off the car on Friday (I was preparing to shelter in place at home if necessary...)
“Oil futures open at $30. Down 25%. Total destruction.”
Only obliquely related to the virus.
Russia and the Saudis are in a war to see who can sell the most oil for the cheapest price.
US fracking has screwed up the old order.
This is more directly related to Saudi production, and Saudis refusal to trim production. The low price while a negative to the oil patch and oil related trading, that negative is offset by the stimulative affect of lower prices at the retail level, aiding personal and commercial transport.