RE:RE:There is still 40% of US oil storage capacity available
I agree with you - still lots of storage left. The current pressure on oil prices though are actually good IMO as it will help put the highly leveraged, low quality producers who have not got a chance in hell of raising any capital out of their missery that much sooner. They are the ones that are causing the problem by pumping anything they can as they race to try and stay ahead of the creditors - problem is that while its a loosing proposition for them. The Saudis have come out and said that it may take till the end of the year for shale production to come down (translation to shale producers - quit waisting your time trying to pump your self out of the hole you are in as Opec will not be reducing production anytime soon).
Reality sometimes sucks but this does not change it and the sooner the weaker producers get shaken out, the sooner oil markets will get back to a healthier note.
JMO