Commodity Trade Mantra

Posts Tagged ‘Oil Production Cuts’

WTI Slides As Goldman Warns $20 Crude Oil Looms

Crude oil prices continue to slide back towards a $34 handle this morning following a reiterated downbeat note from Goldman warning that oil storage levels are “too full for comfort,” that positioning is not as stretched short as some believe, and confirming that this will not end until prices near cash costs to force oil production cuts, likely around $20/bbl.

Support For OPEC Oil Production Cut Is Increasing

With Mexico, Russia & Saudi Arabia out of the picture, the question is: who is going to decrease their oil production? There is only one entity, and that is the U.S. shale producers. Thy won’t willingly reduce output, but due to the economics of the current oil price environment, many shale oil producers will face bankruptcy next year & as a result, will go out of business.

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