Buffalo update needed., page-3

The SP is simply following the oil price down on fears of a drop in Chinese demand. The real story of 2020 is going to be US production (which accounts for most of the world's oil production growth. That growth is now slowing dramatically. Latest February US oil production shows a drop to ~12.55 mb/d or a decrease of ~300k b/d from the November volumes. OPEC+ are also likely to formalise a 600k barrel per day output cut in the early March meeting. What does this do for oil prices? Baring a major deadlier strain of the virus, or a proven inability to contain it, the price of oil is going much higher IMO. Most people are not factoring in the slowdown in US production, and have much higher output forecasts. A $70 oil price would have CVN up around 42c IMO. DYOR etc.