(Bloomberg) — America’s shale drillers have never faced an oil bust quite like this.The split between Russia and its one-time OPEC allies last week has ignited an all-out price war, leaving oil markets defenseless against the unprecedented demand shock brought on by the coronavirus. Crude plunged by the most since the 1990s on Monday, with West Texas Intermediate falling to less than $28 a barrel, a level at which vast swathes of the U.S. shale patch become unprofitable. Many U.S. producers were down more than 30% in pre-market trading Monday.It’s a disaster for U.S. frackers including Chesapeake Energy Corp. and …read more
Source:: Yahoo Finance
