(03-08-2020, 05:46 PM)Otter Wrote: *Checks oil and S&P futures as markets start to open in Asia*
Wow.
Saudi is calling out Russia for not cooperating with production cuts last week. News came out Saturday AM as I posted on the busy thread. It's just public negotiation right now but oil is going down big time tomorrow until this is sorted. The proposed oil dump prices by Saudi are for April so there is time. Shalers would go BK at the projected prices. That's a desirable outcome for Russia and Saudi but accomplishing it overnight would cut their own throats short-term. The oil drama will be thick for awhile. Fracker share price drops will be as harsh as it ever gets in the oil patch tomorrow. Hopefully the majors will be OK enough but they will all get beat up if nothing happens overnight. I'm in the acceptance stage now and will have to be comfortable with it. Just hold my oil for years and hope they get back to somewhere near even in a few years. We are headed for oil crash prices with the virus just getting spooled up in the US. Things change fast but this appears to be completely up to Russia and Saudi. Our president will be thrilled with some free oil during an election year.