Monday, June 26, 2017

OPEC has lost the war but we may get a large dead cat bounce in Oil

"He[Saudi Arabia's new crown prince, Mohammed bin Salman] understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity.

I'll tell you one thing: in the long run, crude oil is heading egregiously lower.

We doubt that demand growth will accelerate sufficiently to break the current downward price momentum. So it may be a black swan for the oil industry itself, but it's a white swan or the economy in general."