No matter where POO settles, it's demand will always be there. There is only so much storage facilities available.
From memory USA has about 30days and China 7days. Unlike iron ore and copper where the Chinese can store more than what is feasible, oil supply will be curbed by storage.
Meanwhile all these talking heads now saying $30/bbl, where were they when oil was $100/bbl?
I think we could well see a spike lower towards $45/bbl, but by March / April oil should bottom out and rise towards $68/bbl region.
No matter where POO settles, it's demand will always be there....
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$24.17 |
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Mkt cap ! $45.89B | |||
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| Last trade - 16.15pm 16/07/2025 (20 minute delay) ? |
| WDS (ASX) Chart |