EIA's Dire Oil Forecast: $34 Crude Due To Far More Resilient Production, Oversupply And Lower Demand
Is there anywhere left to put the stuff? How long before they need to begin parking tankers as floating storage? They are already trying to use oil tanker train cars as storage, but there is not enough room to park the long trains of cars. And China is taking an economic powder of Biblical proportions. You know real wrath of God stuff! Europe is on the ropes, Brazil is out for the count, India is off on a whirling dervish, Russia is drowning in oil and the rest of the world is in even worse shape.
Expect vapors, lots of vapors.