RE:RE:RE:RE:I said back to .33 cents in a post last weekI agree that the full impact of Iranian and the running out of global storage capacity could drag us back towards $20. But if this happens it will simply accellerate the deterioration of oil based state and oil sector corporate balance sheets, so it really does not matter if you are taking a longer term view.
Current price levels are not sustainable into the second half of this year, of that I am certain, creditors to the sector cannot and will not remain patient for another 6 months at current prices. Remember, we only need to lose about 2% to 3% of current output for the price to surge.
Doug