Yesterday was a significant day oil prices history.
Oil producers first stored their stocks, and even sellers / intermediaries filled their tanks in the same way.
Therefore, nobody wants delivery, which combined with speculative movements, bringing an unprecedented-to-300% drop in futures contracts.
People even dumped their contracts at a loss, because futures contracts are based on delivery but due to the prolonged storage uncertainty and economic uncertainty, today's record moves are accompanied.
Even though it is not the price of the spot, we are watching another historical day like the first day of oil extraction and another trailer on how hard the deflation and recession period of 1.5-2 years will be.
It was caused by the explosion of the 2008 real estate bubble and the sinking ministers.
In total, 9 million people were left unemployed in the USA. In the 2020 crisis, 22 million people are already unemployed.
While some of the US oil companies will be 'rescued' by the FED, many of them will sink, and those who are allegedly rescued will be more debited.
We are in a global crisis that will leave the great crisis in the shade, we have not even seen the domino effect.
As is known, the USA is the largest producer of petroleum, and the Saudis are the most exporters.
You know that OPEC wanted to reduce the falling demand in the face of falling oil demand and to keep the demand falling. Saudis' oil is the highest quality and mining fiscal (3-4 USD but their economy must be selling at 70-80 USD). 50-55 usd) is coming.
US rock gas oil producers had serious bank debts before corona.
Having made his doctorate in the field of energy, Putin firstly aimed to exclude US companies from the game in his weakest moments by explaining that he would not cut production.
OPEC agreed to cut the supply of 10 million barels / day far from the falling demand after 2-3 weeks, but this was already found funny by the experts.
Due to one of the most important components of the oil economy, we will see the devastating effects of falling oil prices in the medium / long term.
Can we expect similar fall downs in rare materials and Bircoin as domino effect ?
