GREY:WFREF - Post by User
Post by
JonComon Mar 05, 2015 8:35pm
254 Views
Post# 23495716
Oil sector hit hard due to building of supplies
Oil sector hit hard due to building of supplies
Oil sector is getting hit because of the increasing amount of crude being stored. Storage is at 60% in the USA and increasing. There is a chance oil could collapse further if this gets near 100%.
Few possible solutions
- build more storage (not enough time)
- President needs to allow for oil exports out of USA (currently restricted)
- oil producters need to stop pumping asap (wont happen, no oil no profits)
This is why oil related stocks have been down severely even though the price of oil has been stable above 50$
https://www.eia.gov/todayinenergy/detail.cfm?id=20212