RE:Added to my long position todayGood post. Let's hope that additional production cuts are added, which will cut the time required before supply/demand is back in balance and will result in far fewer bankruptcies, loss of employment, and economic disruption.
depix wrote: Heres is what I think:
TRC and others in the US will agree to COP cuts. I think it will end up being 20M bbld across the board OPEC+, Canada, US, Mexico, Norway etc.
This will leave us short somwhere around 10M?
Economies will open back up slowly.
Germany announced today for April 20th with no big masses till end of August and people where masks in public. Spain, Italy etc opening up slowly.
US will start soon in some states. I am guessng in early May.
This is probably sooner than most predicted so oil demand will pick up again with the exception of Airlines increasing much overseas flights as people will probably not be willing to do this for a while.
I have no idea when Canada starts back up again. I would think that provinces will do it before Fed gives the OK however I do have concerns with availability of testing and masks in this country.
We need to get our sh!t together in the health care industry and also oil storage and pipes...