There isn’t any more place to hide the global overproduction. Tanks and tankers are full of oil and distillate and all the hopes and hype for “booming Asian demand” are pure fallacy. You can’t hedge and there’s no more room to hold supply for better days. The market is imploding due to oversupply.
You think crude prices will drop back down to $40 or $50 per barrel because of the oversupply and the lack of demand?
if oil prices went back to 30-40@ barrel—it would work out to be a tremendous world wide tax cut — which would be enormously stimulative to the world economy.