RE:New 52 Week Low ---$3.15
Hello
Coal was hit and coal companies went down by 90 % , some easily went from 100 dollars per share to 3 dollars per share, some went bankrupt
Same for iron ore and iron ore companies
Now it is oil turn
There is too much oil on the market, and no room for storage, there tankers of oil in the china ses, just waiting to be unloaded, could be weeks, months etc
The refineries have too much supply
Oil is predicted to go to 60 dollars before Christmas
Opec does not care where oil falls
They are trying to balance the current supply vrs demand
It will take years for this to balance and oil may hit 50 dollars before it goes back to 80 in 3 to 4 years time while the supply/demand balances out
So what happens to all the small oil players in Canada and US, they may not be able tpo cover their debt at such price level and hence risk the possibility of bankrupt and common shareholders losing everything
You must be prepare for the down fall to pennies