I stand corrected if it peaked at $147 and not $150. It still caused a world wide depression.
Question away as much as you like.
From a peak of $147, what did it fall to straight after the GFC hit the fan. And not a gradual fall.
Tell me, when it hit $147, did you ever stand in a queue because of oil rationing caused by the short supply? If not, how can you tell me that at the time there was a short fall?
I believe you guys if you can answer a simple question for me. Of all the outstanding trades in the oil future markets, how many are by speculators and what percentage are by actual traders? Answer that, and I will believe every thing you say. If you can't answer it, how can you justify your position?
As for producers storing oil, that is nothing but a joke. May as well live it in the ground, makes more economic sense. Yep, we will keep producing more so we can force poo price down by storing it.
I see the same BS arguments that there is an oversupply of iron ore. At the same time I read that stock held by Chinese still mills are down, FMG, BHP and RIO can't export it quick enough, and the pundits nod wisely that there is an over supply. Yeah, pull the other one.
Pear
STO Price at posting:
$7.92 Sentiment: Hold Disclosure: Held
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