Its not sustainable by any of them except one or 2 of those...

Its not sustainable by any of them except one or 2 of those emirates - the whole world oil market is been wrenched apart and at the same time motorists are getting cheaper fuel which will see demand pick up. The shalers will trim their production as they tap out of the better areas - yes Iran will add another 1 million barrels by mid 2016 (500k of that earlier) but by then the North Sea producers will be off and so will the shalers.. the Saudis cannot beat the shalers and it makes me wander why they just don't start buying them out - wouldn't that be a cheaper stratedgy?

I think today will be an over reaction triggering stop losses and the like - we might finish around $3.45 then tomorrow depending waht happens overnight we could see the price head back up again especially if the API numbers look ok - but if not we could head lower again but its hard to see where the volumes will come from to go a lot lower - we gapped down today..