Hi Steve,
Don't think POO will fall to US$100. Any slackening due to recession will not approach demand destruction. US inventories have been falling in Gulf Coast due to falling supply from Mexico and Venezuela. Their west coast inventory fell and one perceived reason is greater competition from Asia. Maybe Angola will save the USA weekly stockpile figures but I doubt it.
I agree the CVN SP being foolishly oversold, but the day will come when the Panic Station will be the Petrol Station and not the CVN SP.
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