By David Fessler On April 8, I wrote that WTI crude was headed to $5 per barrel. At the time, it was trading at $25.09 per barrel.
But that turned out to be a conservative estimate…
Now it’s trading around $14.50 per barrel – which is still a stark recovery from the negative $37 it hit just days ago.
COVID-19 has put a massive drag on crude demand. And that’s in the face of far too much supply.
Throw in that global crude storage is near its maximum and – voila! – you have a recipe for crude’s epic collapse.
A World of Hurt for U.S. Producers
Oil prices …read more
